TY - BOOK AU - McNally,Robert TI - Crude volatility: the history and future of boom-bust oil prices T2 - Center on Global Energy Policy series SN - 9780231178143 AV - HD9565 .M29 2017 U1 - 338.2/32820973 23 PY - 2017///] CY - New York PB - Columbia University Press KW - Organization of Petroleum Exporting Countries KW - fast KW - Petroleum industry and trade KW - United States KW - History KW - Petroleum products KW - Prices KW - Petroleum reserves KW - Erdölpreis KW - gnd KW - Volatilität N1 - Includes bibliographical references and index; Introduction: the Texas paradox -- And then there was light: from chaos to order in the kerosene era (1859-1911) -- No Rockefeller, no peace: boom-bust returns (1912-1933) -- Why are oil prices prone to boom bust cycles? -- The Texas era of price stability: US supply controls and international cartelization (1934-1972) -- The birth of OPEC: 1960-1969 -- The transformational seventies, part two: 1970-1980 -- OPEC's rude awakening: 1981-1990 -- OPEC muddles through: 1991-2003 -- Twilight: OPEC's power to prevent price spikes ebbs and vanishes: 2004-2008 -- Oil's third boom-bust era: 2009-? -- Epilogue: a challenge with no easy solution N2 - "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, one core feature remains: a natural tendency toward boom and bust price cycles that can devastate economies, trigger or prolong recessions, and undermine growth and investment. Tracing a history marked with conflict, intrigue, and extreme uncertainty, Robert McNally shows how-even from the very first years of the market-wild volatility in oil prices led to intensive efforts to stabilize price fluctuations and manage supply. First Rockefeller's Standard Oil, then U.S. state regulators along with major international oil companies, and finally OPEC each enjoyed varying degrees of success in the pursuit of oil price stability. But the spectacular boom of 2008 and bust of 2015 have revealed a structural shift back to extreme oil price swings, the likes of which haven't been seen for nearly a century. Crafting an engrossing journey from the gushing New England oil fields to the fraught and fractious Middle East, 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."-- ER -