Oil Debates: The Great Oil and Gasoline Dilemma

Edwin Reubens

Challenge, 2006, vol. 49, issue 6, pages 78-92

Abstract: This economist believes that the rapid rise in oil prices since 2002 may have had more to do with frenzied financial speculation than with the ordinary profit maximization of the giant oil companies. On both fronts, we are not thinking aggressively enough about remedies. He believes that a windfall-profits tax, earmarked for long-run development of alternative fuels, is the best remedy for the present situation. For the intermediate run, a powerful device, he thinks, would be an international authority to buy and sell oil.

Date: 2006

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