Smith, James L. - In: Journal of Economic Perspectives 23 (2009) 3, pp. 145-64
Many observers regard the world oil market as a puzzle. Why are oil prices so volatile? Why did prices spike in the summer of 2008, and what role did speculators play? How important is OPEC? Where are oil prices headed in the long run? Is "peak oil" a genuine concern? Any attempt to answer these...