OIL PRICES

 

Understanding The Impact Of Price

 

By William Edwards

 

Mr Edwards is President of Edwards Energy Consultants, Katy, Texas (wre@texven.com).

 

The popular notion holds that petroleum prices are set by some combination of supply and demand factors. While this notion has persisted for decades, historical price data do not correlate, at all, with any specific elements of this supposed supply or demand control of prices. In spite...