The World Oil Market: Past and Future
分析了世界石油资源私人所有者未能维持高价，OPEC国家高估市场力量并因短视导致价格过高，最终回落，以及非卡特尔扩张面临的人为障碍。
Private owners of world oil resources eventually failed to restrain abundance and keep an above-competitive price. The OPEC nations had far greater market power, but overestimated it. Short time horizons drove OPEC nations to raise the price too much. They retreated to a more tenable level. But like all cartels, they find it hard to reconcile group welfare with short-run individual interest. Oil continues abundant, so far. The main obstacles to noncartel expansion are man made such as taxation and state companies. They are very slowly yielding. Depending on how fast they erode, world supply will grow, and price pressure will be downward.