| |
OPEC, by Benjamin Zycher: The Concise Encyclopedia of Economics: Library of Economics and Liberty (Site not responding. Last check: 2007-10-30) |
 | | As a result oil prices "posted" (paid to the selling nations) by the major oil companies were reduced in February 1959 and August 1960. |
 | | Therefore, sellers who try to deny oil to buyer A will find other buyers purchasing more oil, some of which will be resold by them to buyer A. Nor, as is commonly believed, was OPEC the cause of oil shortages and gasoline lines in the United States. |
 | | Thus, the demand for crude oil is likely over the long term to decline relative to the demand for competing fuels. |
| www.econlib.org /library/Enc/OPEC.html (1542 words) |