A useful first guess about the future spot price of a commodity is usually found in its current futures price. But it doesn’t work that way when the commodity in question is oil. This Commentary explains why the characteristics of oil, particularly the value it can offer its owner by remaining...

A summation of the September 14, 1990, meeting of the Fourth District Economists' Roundtable, at which panelists discussed the economic outlook in light of Iraq's invasion of Kuwait.