Three hypotheses about future market balances in the world petroleum market are identified in this paper. Two are relatively benign and one is more harsh. Examination of constraints upon OPEC behavior and increasing market and policy sophistication in consuming countries suggests that some...

Once again, the world oil market has failed to behave according to expectation. This time, the predictions of sharp price drops did not materialize-nor did previous forecasts of continuing escalation. This ongoing divergence between expectations and reality is becoming standard-as is the...

This paper contains an analysis of the need for and effect of regulation in the railroad industry at the inception of the Interstate Commerce Commission. The authors briefly review and integrate a substantial body of literature that has developed over a period of more than half a century. Next...

This article contains the application of an econometric model to estimate the price responsiveness of nee discoveries of natural gas. The model is fit for the period prior to the beginning of area rate regulation of the wellhead price of natural gas. The theory of joint costs and the effects of...