LEADER 04091nam 2200577 450 001 9910817107303321 005 20200520144314.0 010 $a0-231-54368-9 024 7 $a10.7312/mcna17814 035 $a(CKB)3710000000978854 035 $a(DE-B1597)478188 035 $a(OCoLC)965740501 035 $a(OCoLC)979739792 035 $a(DE-B1597)9780231543682 035 $a(Au-PeEL)EBL4749076 035 $a(CaPaEBR)ebr11331426 035 $a(CaONFJC)MIL988415 035 $z(PPN)233900055 035 $a(PPN)201890593 035 $a(MiAaPQ)EBC4749076 035 $a(EXLCZ)993710000000978854 100 $a20170125h20172017 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 10$aCrude volatility $ethe history and future of boom-bust oil prices /$fRobert McNally 210 1$aNew York :$cColumbia University Press,$d2017. 210 4$dİ2017 215 $a1 online resource (245 pages) 225 0 $aCenter on Global Energy Policy Series 311 $a0-231-17814-X 320 $aIncludes bibliographical references and index. 327 $tFrontmatter -- $tContents -- $tPreface -- $tAcknowledgments -- $tAuthor's Note -- $tIntroduction: The Texas Paradox -- $tPart One. The Long Struggle for Stability: 1859-1972 -- $t1. And Then There was Light: From Chaos to Order in The Kerosene Era (1859-1911) -- $t2. No Rockefeller, No Peace: Boom-Bust Returns -- $t3. Why are Oil Prices Prone to Boom-Bust Cycles? -- $t4. The Texas Era of Price Stability: U.S. Supply Controls and International Cartelization (1934-1972) -- $tPart Two. The Opec Era: 1973-2008 -- $t5. The Birth of Opec: 1960-1969 -- $t6. Opec Takes Control from Texas and The Seven Sisters: 1970-1980 -- $t7. Opec's Rude Awakening: 1981-1990 -- $t8. Opec Muddles Through: 1991-2003 -- $t9. Twilight: Opec's Power to Prevent Price Spikes Ebbs and Vanishes: 2004-2008 -- $t10. Oil's Third Boom-Bust Era: 2009-? -- $tEpilogue -- $tNotes -- $tBibliography -- $tIndex 330 $aAs 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. 606 $aPetroleum industry and trade$zUnited States$xHistory 606 $aPetroleum products$xPrices$zUnited States 606 $aPetroleum reserves$zUnited States 615 0$aPetroleum industry and trade$xHistory. 615 0$aPetroleum products$xPrices 615 0$aPetroleum reserves 676 $a338.232820973 700 $aMcNally$b Robert$f1963-$01640008 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910817107303321 996 $aCrude volatility$93983371 997 $aUNINA