You got the power

摘要

Prices are determined by "the fundamental decision-whose oil reserves are going to be developed to what extent and in which order",according to Paul Frankel's 1962 essay Oil:The Facts of Life.And costs are not the criteria that decide.Surplus has to be managed,or prices collapse in a free for all.Low-cost oil generates countervailing tendencies liable to check it before it goes too far,Frankel says.Opec would "have to realise that there is no natural law which provides for the sale of a commodity in abundant supply at prices which are at many times its cost".