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This paper uses the generalized method of moments estimation technique to test for efficiency in the relationship between the official prices and the ex\u2010post spot prices at the time of delivery. Efficiency is rejected for the sample period 1978\u20131985 as a whole, but evidence is found of improvements over time. Further, the GMM Wald and Hansen tests, although asymptotically equivalent, are shown to differ greatly when applied to a small sample of monthly oil price data.<\/jats:p>","DOI":"10.1002\/jae.3950060105","type":"journal-article","created":{"date-parts":[[2007,7,12]],"date-time":"2007-07-12T15:22:46Z","timestamp":1184253766000},"page":"45-66","source":"Crossref","is-referenced-by-count":35,"title":["Toward efficiency in the crude\u2010oil market"],"prefix":"10.1002","volume":"6","author":[{"given":"Steven L.","family":"Green","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Knut Anton","family":"Mork","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","published-online":{"date-parts":[[2006,11,7]]},"reference":[{"key":"e_1_2_1_2_1","first-page":"75","volume-title":"The Industrial Organization of Futures markets","author":"Anderson R. 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