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Philip K Verleger Jr. is a Visiting Fellow at the Institute of International Economics, Washingtong D.C. Dr. Verleger holds a Ph.D. in economics from the Massachusetts Institute of Technology. He has served as a senior staff economist on the President's Council of Economic Advisors and as a senior advisor on domestic energy matters at the US Treasury. Dr. Verleger has published books and articles on the economics of the petroleum industry and was one of the first to predict the decline in oil prices.