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Donald Losman, professor of economics at the Industrial College of the Armed Forces, discusses the secondary role OPEC played in 1970s U.S. economic problems, U.S. government intervention in oil prices that encouraged poor consumer choices in the broader economy, the numerous real costs not included in a barrel of oil and why military coercion is not needed to spur international trade.

Podcast: Play in new window | Download (Duration: 28:14 — 6.5MB)