Abstract
The weak international petroleum market of 198182 treated Americans to the pleasant surprise of falling domestic gasoline and fuel oil costs. Although drastic output cutbacks have recently halted this slide, underlying market forces will continue to exert strong downward pressure on petroleum prices over the next decade. Ironically, the very prospect of further declines in petroleum costs actually may increase the chance of still another oil price shock. I believe that the United States can and should mini-
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