VOL. XLI

No. 17

27-April-1998

GENERAL

Oil Prices: Just "Passing Through"

The following is a paper published by the NewYork-based think tank Petroleum Industry Research Foundation, Inc. (PIRINC), in responseto enquiries about the relationship between the declining crude oil prices and US domesticproduct prices.

Introduction

During every period of rising oil prices, there is intense publicinterest in finding out who or what is responsible with the implication that there issomething beyond market...