Enduring Resilience: How Oil Markets Handle Disruptions |
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Authors: | Eugene Gholz Daryl G. Press |
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Affiliation: | 1. Johnson School of Public Affairs , University of Texas at Austin;2. Dartmouth College |
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Abstract: | Plentiful spare capacity persists in the oil production and tanker industries, contrary to Michael Levi's contention in his response to our earlier article, “Protecting ‘The Prize.' ” OPEC leaders retain excess capacity to minimize cartel members' cheating, and tanker companies retain considerable flexibility that allows them to adapt to political-military and other fluctuations in the market. Oil supplies are not on a knife-edge; exaggerated claims of energy vulnerability distort U.S. national security policy. |
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