In This Review
Oil Markets in Turmoil: An Economic Analysis

Oil Markets in Turmoil: An Economic Analysis

By Philip K. Verleger, Jr.

Ballinger, 1982, 289 pp.
OPEC Behavior and World Oil Prices

OPEC Behavior and World Oil Prices

Edited by James M. Griffin and David J. Teece

Alien & Unwin, 1982, 231 pp.

To deal with disruptions in oil supply, says Verleger, an economist who was in the Carter Administration, raise prices quickly, impose tariffs, and do not allocate supplies. "International cooperation is a good idea but not essential" and the International Energy Agency, as now constituted, will make matters worse. The contributors to the Griffin and Teece volume make interesting points about what OPEC has done and might do, but do not agree among themselves.