1. Introduction James M. Griffin and David J. Teece 2. OPEC As A Cartel Morris Adelman 3. OPEC Behaviour: An Alternative View David J. Teece 4. Modeling OPEC Behaivour: Economic and Political Alternatives Theodore Moran 5. The Limitaion to OPEC’s Pricing Policy John H. Lichtblau 6. Recent Oil Price Escalations: Implications for OPEC Stability George Daly, James M. Griffin and Henry B. Steele 7. OPEC Oil Pricing, and the Implications for Consumers and Producers Robert S. Pindyck 8. Policies for Oil Importers William W. Hogan 9. Conclusions James M. Griffin and David J. Teece