Abstract
We are pleased that Professor Weiner has chosen to comment on our paper in this Review (Rodriguez and Williams, 1993), which discusses geographic market definition, an important subject in the analysis of oil markets. However, we believe that his Reply does not successfully defend his proposition that oil markets are geographically separate and that his concept of "regionalization" is important. We stand behind our original conclusion that the crude oil market is a world market in the relatively short run.
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