Robert
S. Pindyck; "Limits of Arab Oil Power"
Realities of Oil S. Fred Singer; in Foreign Policy (Spring 1978), P.O. Box 984, Farmingdale,
N.Y. 11737.
Gloomy predictions that world energy demand will exceed supply by the early 1980s, leading to another jump in oil prices and worldwide recession, are unrealistic. They fail to account for the fact that oil de- mand and production capacity are highly sensitive to changes in price. They also ignore the contrary objectives of the OPEC "spenders"...