WESTERN HEMISPHERE PERSPECTIVES: OIL AND NATURAL GAS

Among nations that are net oil exporters, those that are net importers, and those in balance, there are conflicting interests regarding the price level-which currently is many times the competitive level. However, avoiding too brusque a price change is in the interest of all. A glut was no barrier to price increases after 1973, nor in 1978. And a glut is not an absolute barrier even today. Copyright 1985 Western Economic Association International.