Crude volatility : the history and future of boom-bust oil prices / Robert McNally.

Format:

Book

Author/Creator:

McNally, Robert, 1963- author.

Series:

Center on Global Energy Policy Series

Language:

English

Subjects (All):

Organization of Petroleum Exporting Countries.

Petroleum industry and trade--United States--History.

Petroleum industry and trade.

Petroleum products--Prices--United States.

Petroleum products.

Petroleum reserves--United States.

Petroleum reserves.

Physical Description:

1 online resource (245 pages).

Place of Publication:

New York : Columbia University Press, 2017.

Language Note:

In English.

Summary:

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.

Contents:

Frontmatter

Contents

Preface

Acknowledgments

Author's Note

Introduction: The Texas Paradox

Part One. The Long Struggle for Stability: 1859-1972

1. And Then There was Light: From Chaos to Order in The Kerosene Era (1859-1911)

2. No Rockefeller, No Peace: Boom-Bust Returns

3. Why are Oil Prices Prone to Boom-Bust Cycles?

4. The Texas Era of Price Stability: U.S. Supply Controls and International Cartelization (1934-1972)

Part Two. The Opec Era: 1973-2008

5. The Birth of Opec: 1960-1969

6. Opec Takes Control from Texas and The Seven Sisters: 1970-1980

7. Opec's Rude Awakening: 1981-1990

8. Opec Muddles Through: 1991-2003

9. Twilight: Opec's Power to Prevent Price Spikes Ebbs and Vanishes: 2004-2008

10. Oil's Third Boom-Bust Era: 2009-?

Epilogue

Notes

Bibliography

Index

Notes:

Includes bibliographical references and index.

Description based on print version record.

ISBN:

9780231543682

0231543689

OCLC:

965740501