Crude Volatility: The History and the Future of BoomBust Oil Prices (Center on Global Energy Policy Series),Used

Crude Volatility: The History and the Future of BoomBust Oil Prices (Center on Global Energy Policy Series),Used

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SKU: SONG023117814X
Brand: Columbia University Press
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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 boombust 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 howeven from the oil industry's first yearswild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventionsfirst, by Rockefeller's Standard Oil, then, by U.S. state regulators in partnership with major international oil companies, and, finally, by OPECsucceeded 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 recommendationsincluding mistakes to avoidas we confront the unwelcome return of boom and bust oil prices.

⚠️ WARNING (California Proposition 65):

This product may contain chemicals known to the State of California to cause cancer, birth defects, or other reproductive harm.

For more information, please visit www.P65Warnings.ca.gov.

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