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, twenty-five 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.
M. A. Adelman is one of the preeminent authorities on the economics of mineral resources. This book brings together his work, written over the past thirty years, on mineral depletion and the nature of monopoly in world oil. Organized into three groups, the twenty-seven papers cover theory and measurement of mineral scarcity and depletion, analysis of the OPEC cartel and control of the oil market, and public policy problems and options.