In This Review
Crude Oil Prices As Determined By OPEC and Market Fundamentals

Crude Oil Prices As Determined By OPEC and Market Fundamentals

By Paul W. MacAvoy

Ballinger, 1982, 199 pp.

Professor MacAvoy of Yale, aided by simulations, argues that market conditions do more than OPEC to explain past oil price changes and will probably do so in the future. He provides the whole model for those who wish to change the terms.