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Market Structure and Uncertainty in Oil and Gas Exploration

James W. McKie
Quarterly Journal of Economics 1960 74(4), 543
The occurrence of oil and gas, 544. — Steps in the exploratory process, 545. — Industry concentration, 546. — The success ratio, 550. — Risk, 554. — Access and risk preference, 556. — Uncertainty and information, 559. — The flow of information, 565. — The oil deal, 566. — Entry, 569.

INTERNATIONAL ENERGY SUPPLY. THE POLITICAL ECONOMY OF WORLD PETROLEUM

James W. McKie
American Economic Review 1974
World oil is a mixture of economics and politics. Economic factors indicate competition among producers will again become effective provided the consuming nations do not capitulate in advance. Saudi Arabia is the dominant producer. Efforts on the supply side to develop additional reserves will only shift the exhaustion curve toward the present. Exponential growth in consumption has serious long run implications.