Title
Genie Out Of The Bottle: World Oil Since 1970
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Pictures Of Oil As The Glittering Prize, The Source Of Global Power And Empires, Or The Hub Of An Energy Crisis Have Gushed Through The Media Since 1973. What Actually Happened Was Very Different. M. A. Adelman Had Written In 1970 That The Genie Is Out Of The Bottle, That A Group Of Oil Producing Countries Would Control The Oil Trade To Raise Prices. Now, Twentyfive Years Later, He Has Written The Fascinating History Of The Greatest Monopoly Ever Known. The Underlying Economic Analysis Is Contained In The Companion Volume The Economics Of Petroleum Supply. Oil Was In Oversupply In 1970. The Oil Companies Could Not Keep Prices From Falling. But The Members Of O.P.E.C. (Organization Of Petroleum Exporting Countries) Could And Did Raise Prices By Restraining Output. However, They First Had To Restrain Each Other: An Endless Task, Since Each Of Them Would Gain By Cheating On The Others. With Open And Secret Agreements, Formal And Informal, They Tried To Finetune With Coarse Instruments, Resulting In The Socalled Energy Crisis. Adelman Describes The First Timid Steps To The Unbound Cartel. He Shows How The Producing Nations Overestimated Their Power, Why They Had Short Time Horizons And Raised The Prices Too High For Their Own Good. But After Prices Declined, Then Crashed In 1986, The Producing Nations Managed To Hold A Lower Price Level. Despite The Trillions Of Petrodollars That Fed Two Major Wars, Adelman Observes That Nearly All O.P.E.C. Nations Are In Debt. Nono.P.E.C. Production Grows, But The Cartel Survives And The Unstable Market With It. Price Hawks And Doves May Be Good Copy, Adelman Notes, But In Fact There Was Never An Arab Embargo Against The United States, Nor Any Moderating Influence By The United States. Since We Must In Our Own Interest Protect The Persian Gulf Producers, They Understandably Do Nothing To Oblige Us.
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- Q: What is the size of 'Genie out of the Bottle: World Oil since 1970'? A: The book measures six point one inches by zero point eighty-seven inches by nine point one inches in height.
- Q: How many pages does this book have? A: This book contains three hundred eighty-four pages, providing a comprehensive look at the history of oil.
- Q: What type of binding does this book have? A: The book is available in paperback binding, making it lightweight and portable.
- Q: Who is the author of this book? A: The author is Morris Adelman, who provides an in-depth analysis of global oil markets.
- Q: What category does this book fall under? A: This book is categorized under Economics, focusing on the oil industry and its impact on global power.
- Q: How do I read 'Genie out of the Bottle: World Oil since 1970'? A: You can read this book at your own pace since it's designed for general audiences interested in economics and energy.
- Q: Is this book suitable for beginners in economics? A: Yes, this book is suitable for beginners as it provides a historical perspective on oil markets without requiring prior knowledge.
- Q: Can I use this book for academic purposes? A: Yes, this book can be used for academic purposes, particularly in economics and energy studies.
- Q: What is the reading level for this book? A: The book is suitable for adults and older teens with an interest in economics and global affairs.
- Q: How should I store this book? A: Store this book in a cool, dry place, away from direct sunlight to preserve its condition.
- Q: Does this book contain any hazardous materials? A: No, this book does not contain any hazardous materials; it is safe for general handling.
- Q: How do I keep this book in good condition? A: To keep the book in good condition, avoid bending the cover and store it upright on a shelf.
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- Q: Can I return this book if I change my mind? A: Yes, you can return this book if you follow the seller's return policy for items in original condition.
- Q: What should I do if I have a question about the book? A: You can contact the seller or publisher for any questions regarding the content or details of the book.