The oil industry is having to cope with complex and interrelated changes arising from the nationalizations of ten years ago. As a result, companies are being forced to radically change their modes of operation. Policies possible in markets dominated by long-term integrated supply arrangements...

Of all the changes in the oil industry over the past 20 years, the most radical have taken place in the market, and in the formation of prices. These are both a response to and a cause of changes in industry structure. From plannable supplies at relatively stable prices, companies have had to...

This paper examines parallels between the evolution of spot markets jor oil during the 1980s, particularly Brent, and what is now happening in the UK gas industry. The structure of supply, formerly within the control of British Gas, is breaking up under antitrust and regulatory pressures, and...