Oil Markets in Turmoil: An Economic Analysis; OPEC Behavior and World Oil Prices

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.