VOL. XXXV

NO. 50

14-SEPTEMBER-1992

LETTER TO THE EDITOR

To: The Editor, MEES

From: Prof. M.A. Adelman

Dear Sir,

In their valuable paper (MEES, 17 August), John Gault and J.E. Hartshornmention that the Chase Manhattan Bank (CMB) estimates of oil production capitalexpenditures ceased after 1987. However, CMB can be used as a check, to appraise the huge difference between my estimates on the one hand, and those ofDr. Subroto ($12,000 per daily barrel average in OPEC) and those in their Table2, on the...