The World Oil Market is not "One Great Pool:" A Reply to Rodriguez and Williams
It is always gratifying when one's research stimulates others to undertake work in similar areas. As pointed out in my original paper (Weiner, 1991), questions of market definition have received inadequate attention in the energy area, and more contributions are most welcome, as is debate over empirical methodology and interpretation of results. Unfortunately, the paper by Rodriguez and Williams (1993) in the preceding issue of Energy Studies Re-view contains serious flaws, rendering its conclusions of doubtful use for addressing energy policy questions. This brief reply explains why.
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