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 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.
"Splendid... McNally is both a skillful historian and an astute analyst... for readers who do not have the time to tackle Daniel Yergin's 900-page standard-bearer, The Prize (1990), Crude Volatility is a concise alternative for understanding the grand narrative of oil." - Wall Street Journal
"[McNally] deftly explains the motivation behind attempts to temper oil market swings. . . . McNally uses history and two new oil data sets - on prices and global spare capacity - to explain that the greater the market imbalance, the wider the potential price swings, which in itself reinforces greater supply fluctuations." - Financial Times
"The most comprehensive treatment of concerted attempts to stabilize oil prices...Recommended." - Choice
"If you're an investor in the sector, a policy-maker or diplomat, or you just want a heads up about the next threats facing the global economy, read it." - Petroleum Economist
"[McNally] paints a compelling picture of the colorful history of the global oil industry . . . of interest and pertinence to nearly every energy economist (and many macroeconomists). . . . Well-researched and documented." - Energy Journal
Формат: Скан PDf
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.
"Splendid... McNally is both a skillful historian and an astute analyst... for readers who do not have the time to tackle Daniel Yergin's 900-page standard-bearer, The Prize (1990), Crude Volatility is a concise alternative for understanding the grand narrative of oil." - Wall Street Journal
"[McNally] deftly explains the motivation behind attempts to temper oil market swings. . . . McNally uses history and two new oil data sets - on prices and global spare capacity - to explain that the greater the market imbalance, the wider the potential price swings, which in itself reinforces greater supply fluctuations." - Financial Times
"The most comprehensive treatment of concerted attempts to stabilize oil prices...Recommended." - Choice
"If you're an investor in the sector, a policy-maker or diplomat, or you just want a heads up about the next threats facing the global economy, read it." - Petroleum Economist
"[McNally] paints a compelling picture of the colorful history of the global oil industry . . . of interest and pertinence to nearly every energy economist (and many macroeconomists). . . . Well-researched and documented." - Energy Journal
Формат: Скан PDf
https://www.yakaboo.ua/ua/crude-volatility-the-history-and-the-future-of-boom-bust-oil-prices-3306603.html