Introduction To The Political Economy Of Petroleum. Since 1973 the American people have been startled by a series of complex questions about energy matters. This book traces the transformation of international oil politics and commerce set off by the takeover of the world oil market by OPEC. The author enumerates the components of myth present in the oil issue: uncertainty, shock; lack of technical information, contrived secrecy, power exaggeration and heavy media involvement. There are chapters which thoroughly discuss the extant petroleum myths and how these myths have arisen: unfair oil prices; Israel and oil; obscene corporate profits; divestiture; international energy and OPEC cohesion. There are also observations on why these myths hold such attraction for various groups and what the implications are for energy policy if they are accepted as valid. The final two chapters clearly distinguish the myths from the political-economic realities.