Abstract
A prominent American specialist on the economy of the former USSR comments on Russian oil in light of a preceding paper on the subject. Noting the congruence of Russia's economic growth with world oil prices, the author points out that the country's growth is endangered by sharp declines in those prices. He also recalls how an oil windfall shaped Russian thinking in the 1970s, questions how long Russia can pump oil at its maximum level by invoking the American experience from 1859 through the peak in 1970 until the present, analyzes the two corporate models in the Russian oil sector, and briefly outlines Putin's new approach to foreign investment in the sector. Journal of Economic Literature, Classification Numbers: L71, O13, O18. 3 figures, 8 references.
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