Crude Volatility: The History And The Future Of Boom-bust Oil Prices (center On Global Energy Policy Series)
by Robert McNally /
2017 / English / PDF
4.2 MB Download
As OPEC has loosened its grip over the past ten years, the oil
market has been rocked by wild price swings, the likes of which
haven't been seen for eight decades. Crafting an engrossing journey
from the gushing Pennsylvania oil fields of the 1860s to today's
fraught and fractious Middle East,
As OPEC has loosened its grip over the past ten years, the oil
market has been rocked by wild price swings, the likes of which
haven't been seen for eight decades. Crafting an engrossing journey
from the gushing Pennsylvania oil fields of the 1860s to today's
fraught and fractious Middle East,Crude Volatility
Crude Volatility explains
how past periods of stability and volatility in oil prices help us
understand the new boom-bust era. Oil's notorious volatility has
always been considered a scourge afflicting not only the oil
industry but also the broader economy and geopolitical landscape;
Robert McNally makes sense of how oil became so central to our
world and why it is subject to such extreme price
fluctuations.
explains
how past periods of stability and volatility in oil prices help us
understand the new boom-bust era. Oil's notorious volatility has
always been considered a scourge afflicting not only the oil
industry but also the broader economy and geopolitical landscape;
Robert McNally makes sense of how oil became so central to our
world and why it is subject to such extreme price
fluctuations.
Tracing a history marked by conflict, intrigue, and extreme
uncertainty, McNally shows how―even from the oil industry's first
years―wild and harmful price volatility prompted industry leaders
and officials to undertake extraordinary efforts to stabilize oil
prices by controlling production. Herculean market
interventions―first, by Rockefeller's Standard Oil, then, by U.S.
state regulators in partnership with major international oil
companies, and, finally, by OPEC―succeeded to varying degrees in
taming the beast. McNally, a veteran oil market and policy expert,
explains the consequences of the ebbing of OPEC's power, debunking
myths and offering recommendations―including mistakes to avoid―as
we confront the unwelcome return of boom and bust oil prices.
Tracing a history marked by conflict, intrigue, and extreme
uncertainty, McNally shows how―even from the oil industry's first
years―wild and harmful price volatility prompted industry leaders
and officials to undertake extraordinary efforts to stabilize oil
prices by controlling production. Herculean market
interventions―first, by Rockefeller's Standard Oil, then, by U.S.
state regulators in partnership with major international oil
companies, and, finally, by OPEC―succeeded to varying degrees in
taming the beast. McNally, a veteran oil market and policy expert,
explains the consequences of the ebbing of OPEC's power, debunking
myths and offering recommendations―including mistakes to avoid―as
we confront the unwelcome return of boom and bust oil prices.