Crude Volatility

Oil is the lifeblood of modern civilization, ranking alongside food as one of our most critical commodities. It drives geopolitical, economic, and financial affairs, as well as environmental debates and policymaking. As the place of oil in our global economy has evolved, so too has the way we buy and sell it, with rudimentary transactions at the wellhead developing into a sophisticated and complex global market. Yet while today's oil market bears little resemblance to the one born in the valleys and creeks of western Pennsylvania more than 150 years ago? Tracing a history marked with conflict, intrigue, and extreme uncertainty, Robert McNally shows howwild volatility in oil prices led to intensive efforts to stabilize price fluctuations and manage supply. Crude Volatility provides a crucial perspective that discards distractions and tired myths, shows lessons learned from prior mistakes, and provides the historical foundation we need to face, understand, and surmount the challenges ahead.

Auteur

Robert McNally

Résumé
"This completely fresh viewpoint from Robert McNally is a must read for anyone involved in the oil market. The historical perspective provided in Crude Volatility is critical to understanding the future of prices and the impact they will have on the geopolitical order in years to come. Buckle up for a wild ride!" - Paul Tudor Jones, founder of Tudor Investment Corporation and the Robin Hood Foundation

Contenu

Preface
Acknowledgments
Author's Note
Introduction: The Texas Paradox
I. 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)
   II. The OPEC Era: 1973–2008
   5. The Birth of OPEC: 1960–1969
5. OPEC Takes Control from Texas and the Seven Sisters: 1970–1980
6. OPEC's Rude Awakening: 1981–1990
7. OPEC Muddles Through: 1991–2003
8. Twilight: OPEC's Power to Prevent Price Spikes Ebbs and Vanishes: 2004–2008
9. Oil's Third Boom-Bust Era: 2009–?
   Epilogue
   Notes
   Bibliography
   Index