Why Is There an Energy Crisis?

Three forces have coalesced to produce a real energy problem. The establishment of an effective opec cartel, the cumulative effect of government controls and regulations as well as change in philosophical attitudes. So far as the cartel is concerned, there has been a great deal of misunderstanding about its behavior. We read in the paper that the cartel was formed for political reasons in order to exploit aa the middle east situation. In my opinion, that is all a extremely superficial interpretation of what's happening to the cart in oil... A group with nations got together and formed monopoly. Now, again, just as with the theory of exhaustible resources, thereis a well developed theory of how a cartell should behave