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Morris Adelman, Professor Emeritus in the Department of Economics at MIT and author ofThe Genie Out of the Bottle: World Oil Since 1970, says that post-war Iraq should open up its oil industry and auction production rights to foreign oil companies. This way, Iraqis could make more money if they choose to drill their oil reserves.
Philip K. Verleger, Jr., of the Institute for International Economics, states: “No person has had a greater influence on the thinking of experts who have become managers or government regulators of the world’s oil and gas industries than Morry Adelman. His analysis and knowledge represent a unique asset that will never be replicated. This volume contains many of his seminal contributions to our understanding of the costs of exploration, economics of development, and structure of the world oil industry.”