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Price Policy in the Marketing of Petroleum Internationally

RECENT dramatic shifts in the pricing of petroleum in the international markets have led to consternation among petroleum importing countries, uncertainties in the foreign exchange markets and a multitude of attempts to explain the reasons for the shifts. While there is general agreement that non-economic considerations were among the motivating fac-tors of the supply and pricing decisions, it would be a mistake to ignore the economic structure and demand characteristics underlying the market which rendered the "politically" inspired changes feasible. The objective of this paper is to explore that structure via traditional internationai trade theory and to offer a corollary to the theory.