LEADER 04443nam 2200637 450 001 9910787267303321 005 20230807212138.0 010 $a0-19-999007-7 010 $a0-19-999006-9 035 $a(CKB)3710000000307750 035 $a(OCoLC)897379025 035 $a(CaPaEBR)ebrary10991530 035 $a(SSID)ssj0001383077 035 $a(PQKBManifestationID)12591500 035 $a(PQKBTitleCode)TC0001383077 035 $a(PQKBWorkID)11475053 035 $a(PQKB)10476419 035 $a(MiAaPQ)EBC1876202 035 $a(Au-PeEL)EBL1876202 035 $a(CaPaEBR)ebr10991530 035 $a(CaONFJC)MIL671403 035 $a(EXLCZ)993710000000307750 100 $a20140710h20152015 uy| 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMarket madness $ea century of oil panics, crises, and crashes /$fBlake C. Clayton 210 1$aNew York, New York :$cOxford University Press,$d[2015] 210 4$dİ2015 215 $a1 online resource (242 p.) 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-322-40121-7 311 $a0-19-999005-0 320 $aIncludes bibliographical references and index. 327 $aMachine generated contents note: -- CHAPTER 1 -- Introduction -- CHAPTER 2 -- "A National Crisis of the First Magnitude" -- The United States Geological Survey in an Era of Booming Demand, 1909-1927 -- CHAPTER 3 -- "A New Era of Scarcity and Higher Prices" -- Wartime Demand and the End of American Self-Reliance in Oil, 1940-1949 -- CHAPTER 4 -- "A Problem Unprecedented in Our History" -- American Anxiety in the Age of OPEC, 1970-1986 -- CHAPTER 5 -- "A Permanent Radical Rise in Oil Prices" -- Peak Oil Takes Wall Street, 1998-2013 -- CHAPTER 6 -- Conclusion. 330 $a"In Market Madness, Dr. Blake Clayton, a Wall Street stock analyst and former Oxford researcher, draws on a century's worth of statistical data to offer a revolutionary new look the history of oil and future of energy. The culmination of a multi-year study, he shows how generational fears about an imminent, irreversible shortage of oil punctuate the history of oil since its earliest days. He explores the conditions in which oil supply fears arise, gain popularity, and eventually wane, and shows how important such stories can be in affecting financial markets. He links these episodes to the behavioral concept of irrational exuberance and new era economic thinking, first popularized by Nobel Laureate Yale economist Robert Shiller, to show how unfounded pessimism affects the market for oil and other exhaustible resources. Acknowledging the significant geological and structural changes the oil market has undergone over the last century, the book does not dismiss today's shortage fears out of hand, but asks what they reveal about how commodity markets function and what that means for investors and public officials. Clayton argues that the lessons to be learned from this history are the need for quality data about US and global oil reserves, the importance of clear communication from public officials about energy markets and resources, and the value of transparency in commodities markets. While these measures will not eliminate volatility and unpredictability in energy markets, he writes, they would mitigate unnecessary price spikes and improve investor and government decision-making. The book addresses popular debates in economics and finance on how mass beliefs affect financial markets while also offering a colorful narrative history for general readers about the dramatic booms and busts of the American oil industry"--$cProvided by publisher. 606 $aPetroleum industry and trade$zUnited States$xHistory 606 $aPetroleum reserves$zUnited States$xHistory 606 $aEnergy consumption$zUnited States$xHistory 606 $aEnergy policy$zUnited States$xHistory 615 0$aPetroleum industry and trade$xHistory. 615 0$aPetroleum reserves$xHistory. 615 0$aEnergy consumption$xHistory. 615 0$aEnergy policy$xHistory. 676 $a338.2/72820973 686 $aBUS023000$aBUS099000$2bisacsh 700 $aClayton$b Blake C$g(Blake Carman),$f1982-$01532702 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910787267303321 996 $aMarket madness$93779107 997 $aUNINA