Crisis Amid Plenty Revisited: Comments on the Problematic Potential of Russian Oil

Two economic geographers specializing in the mineral resources of the former Soviet Union and Russia discuss a paper on Russian oil published in this journal by a seasoned oberserver of this critical subject since the early 1970s. The authors comment on the behavior of Russian oil companies such as Yukos, Russian economic policy in mid-2004, and the role of foreign companies, capital, and advanced technology. Recalling mistaken estimates of declining Soviet oil output in the late 1970s, they outline factors that suggest a somewhat more optimistic outcome could be possible, but note that the drift toward government control, which runs counter to the oil industry's efficiency, is not a positive sign. Journal of Economic Literature, Classification Numbers: L71, O13, O18, 27 references.