Crude Volatility

Author: Robert McNally
Publisher:
ISBN: 023117814X
Release Date: 2017-01-17
Genre: Business & Economics

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 Pennsylvania 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.

Crude Volatility

Author: Robert McNally
Publisher: Columbia University Press
ISBN: 9780231543682
Release Date: 2017-01-17
Genre: Business & Economics

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.

The Fracking Debate

Author: Daniel Raimi
Publisher: Columbia University Press
ISBN: 9780231545716
Release Date: 2017-12-26
Genre: Business & Economics

Over roughly the past decade, oil and gas production in the United States has surged dramatically—thanks largely to technological advances such as high-volume hydraulic fracturing, more commonly known as "fracking." This rapid increase has generated widespread debate, with proponents touting economic and energy-security benefits and opponents highlighting the environmental and social risks of increased oil and gas production. Despite the heated debate, neither side has a monopoly on the facts. In this book, Daniel Raimi gives a balanced and accessible view of oil and gas development, clearly and thoroughly explaining the key issues surrounding the shale revolution. The Fracking Debate directly addresses the most common questions and concerns associated with fracking, including: What is fracking? Does fracking pollute the water supply? Will fracking make the United States energy independent? Does fracking cause earthquakes? How is fracking regulated? Is fracking good for the economy? Coupling a deep understanding of the scholarly research with travels to every major U.S. oil- and gas-producing region, Raimi highlights stories of the people and communities affected by the shale revolution, for better and for worse. The Fracking Debate provides the evidence and context that have so frequently been missing from the national discussion of the future of oil and gas production, offering readers the tools to make sense of this critical issue.

The Art of Sanctions

Author: Richard Nephew
Publisher: Columbia University Press
ISBN: 9780231542555
Release Date: 2017-12-12
Genre: Business & Economics

Economic sanctions are intended to be a nonmilitary means used by states to force their prerogatives on other states, entities, and individuals. Yet while sanctions have been increasingly used as a foreign policy tool, they are ineffective if executed without a clear strategy that is responsive to the nature and changing behavior of the target. In The Art of Sanctions, Richard Nephew offers a much-needed practical framework that focuses not just on the design of sanctions but, crucially, on how to decide when sanctions have achieved maximum effectiveness and how to improve them along the way. Nephew—a lead participant in the design and implementation of sanctions on Iran—develops guidelines for interpreting targets' responses to sanctions based on two critical factors: pain and resolve. The efficacy of sanctions lies in the application of pain against a target, but targets may have significant resolve to resist, tolerate, or overcome this pain. Understanding the interplay of pain and resolve is central to using sanctions successfully and humanely. With attention to these two key variables, and to how they change over the course of the sanctions regime, policy makers can pinpoint when diplomatic intervention is likely to succeed or when escalation is necessary. Focusing on lessons from sanctions on both Iran and Iraq, Nephew provides policy makers with practical guidance on how to calibrate pain and measure resolve in the service of strong and successful sanctions regimes.

Oil

Author: Gavin Bridge
Publisher: John Wiley & Sons
ISBN: 9780745675954
Release Date: 2013-09-06
Genre: Political Science

Oil pulses through our daily lives. It is the plastic we touch, the food we eat, and the way we move. Oil politics in the twentieth century was about the management of abundance, state power and market growth. The legacy of this age of plenty includes declining conventional oil reserves, volatile prices, climate change, and enduring poverty in many oil rich countries. The oil sector is now in need of reform. Yet no one seems at the helm, leaving a vital source of energy at the whim of dictators, speculators and corporate operators, and our societies locked into unsustainable growth models. In this in-depth primer to the world's wealthiest industry, authors Gavin Bridge and Philippe Le Billon take a fresh look at the contemporary geopolitics of oil. Going beyond simple assertions of peak oil and an oil curse, they point to an industry reordered by internationalized state oil companies, Asian consumerism shifting demand, the insecurities and violent assertiveness of declining powers, and the dilemmas of post-oil energy transition. As a new geopolitics of oil emerges, the need for effective global oil governance becomes imperative. Praising the growing influence of civil society and attentive to the institutionalization of producer-consumer cooperation, this book identifies challenges and opportunities to curtail price volatility, curb demand and the growth of dirty oil, de-carbonise energy systems, and improve governance in oil producing countries.

The New Geopolitics of Natural Gas

Author: Agnia Grigas
Publisher: Harvard University Press
ISBN: 9780674971837
Release Date: 2017-04-24
Genre: Political Science

As the United States aggressively expands its exports of liquefied natural gas, it stands poised to become an energy superpower. This unanticipated reality is rewriting the conventional rules of intercontinental gas trade and realigning strategic relations among the United States, the European Union, Russia, China and beyond, as Agnia Grigas shows.

The Handbook of Global Energy Policy

Author: Andreas Goldthau
Publisher: John Wiley & Sons
ISBN: 9781119250692
Release Date: 2016-11-14
Genre: Political Science

This is the first handbook to provide a global policy perspective on energy, bringing together a diverse range of international energy issues in one volume. Maps the emerging field of global energy policy both for scholars and practitioners; the focus is on global issues, but it also explores the regional impact of international energy policies Accounts for the multi-faceted nature of global energy policy challenges and broadens discussions of these beyond the prevalent debates about oil supply Analyzes global energy policy challenges across the dimensions of markets, development, sustainability, and security, and identifies key global policy challenges for the future Comprises newly-commissioned research by an international team of scholars and energy policy practitioners

Market Madness

Author: Blake C. Clayton
Publisher: Oxford University Press, USA
ISBN: 9780199990054
Release Date: 2015
Genre: Business & Economics

"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"--

Out of the Desert

Author: Ali Al-Naimi
Publisher: Penguin UK
ISBN: 9780241978399
Release Date: 2016-11-03
Genre: Biography & Autobiography

The extraordinary memoir of global oil's former central banker Ali Al-Naimi is the former Saudi oil minister - and OPEC kingpin - a position he held for the two decades between August 1995 and May 2016. In this time, Al-Naimi's briefest utterances moved markets. But it wasn't always that way. Al-Naimi was born into abject poverty as a nomadic Bedouin in the 1930s, just as US companies were discovering vast quantities of oil under the baking Arabian deserts. From his first job as a shepherd boy, aged four, to his appointment to one of the most powerful political and economic jobs in the world, Out of the Desert charts Al-Naimi's extraordinary rise to power. Described by Alan Greenspan as 'the most powerful man you've never heard of', Al-Naimi's incredible journey proves that anyone can make it - even a poor Bedouin shepherd boy. This is his exclusive inside story of power, politics and oil. His Excellency Ali Ibrahim Al-Naimi is the former Minister of Petroleum and Mineral Resources for the Kingdom of Saudi Arabia. One of the most powerful economic and political jobs in the world, he held this post from August 1995 to May 2016. Prior to that he held a wide range of leadership positions in the Kingdom's national oil company, Saudi Aramco. He was the first Saudi national to be named President of the company in 1984 and became the first Saudi CEO in 1988. Al-Naimi joined the company, then called Aramco, as an office boy in 1947. A Bedouin, he was born in the deserts of eastern Arabia in 1935.

The Boom

Author: Russell Gold
Publisher: Simon and Schuster
ISBN: 9781451692280
Release Date: 2014-04-08
Genre: Business & Economics

A Pulitzer Prize finalist presents an unstinting exploration of today's controversial fracking technologies to consider the arguments of its supporters and detractors, profiling key contributors while explaining how the practice is changing the way energy is used.

The Art of Sanctions

Author: Richard Nephew
Publisher: Columbia University Press
ISBN: 9780231542555
Release Date: 2017-12-12
Genre: Business & Economics

Economic sanctions are intended to be a nonmilitary means used by states to force their prerogatives on other states, entities, and individuals. Yet while sanctions have been increasingly used as a foreign policy tool, they are ineffective if executed without a clear strategy that is responsive to the nature and changing behavior of the target. In The Art of Sanctions, Richard Nephew offers a much-needed practical framework that focuses not just on the design of sanctions but, crucially, on how to decide when sanctions have achieved maximum effectiveness and how to improve them along the way. Nephew—a lead participant in the design and implementation of sanctions on Iran—develops guidelines for interpreting targets' responses to sanctions based on two critical factors: pain and resolve. The efficacy of sanctions lies in the application of pain against a target, but targets may have significant resolve to resist, tolerate, or overcome this pain. Understanding the interplay of pain and resolve is central to using sanctions successfully and humanely. With attention to these two key variables, and to how they change over the course of the sanctions regime, policy makers can pinpoint when diplomatic intervention is likely to succeed or when escalation is necessary. Focusing on lessons from sanctions on both Iran and Iraq, Nephew provides policy makers with practical guidance on how to calibrate pain and measure resolve in the service of strong and successful sanctions regimes.

Understanding Oil Prices

Author: Salvatore Carollo
Publisher: John Wiley & Sons
ISBN: 9781119962892
Release Date: 2011-10-25
Genre: Business & Economics

It’s a fair bet that most of what you think you know about oil prices is wrong. Despite the massive price fluctuations of the past decade, the received wisdom on the subject has remained fundamentally unchanged since the 1970s. When asked, most people – including politicians, financial analysts and pundits – will respond with a tired litany of reasons ranging from increased Chinese and Indian competition for diminishing resources and tensions in the Middle East, to manipulation by OPEC and exorbitant petrol taxes in the EU. Yet the facts belie these explanations. For instance, what really happened in late 2008 when, in just a few weeks, oil prices plummeted from $144 dollars to $37 dollars a barrel? Did Chinese and Indian demand suddenly dry up? Did Middle East conflicts magically resolve themselves? Did OPEC flood the market with crude? In each case the answer is a definitive no – quite the opposite in fact. Industry expert Salvatore Carollo explains that the truth behind today’s increasingly volatile oil market is that over the past two decades oil prices have come untethered from all classical notions of supply and demand and have transcended any country’s, consortium’s, cartel’s, or corporate entity’s powers to control them. At play is a subtler, more complex game than most analysts realise (or are unwilling to admit to), a very dangerous game involving runaway financial speculation, self-defeating government policymaking and a concerted disinvestment in refinery capacity among the oil majors. In Understanding Oil Prices Carollo identifies the key players in this dangerous game, exploring their competing interests and motivations, their moves and countermoves. Beginning with the1976 oil embargo and moving through the 1986 Chernobyl incident, the implementation of the US Clean Air Act Amendments of 1990, and the precipitous expansion of the oil futures market since the turn of the century, he traces the vast structural changes which have occurred within the oil industry over the past four decades, identifying their economic, social and geopolitical drivers, and analysing their fallout in the global economy. He explores the oil industry’s decision to scale down refining capacity in the face of increasing demand and the effects of global shortages of petrol, diesel, jet fuel, fuel oil, chemical feedstocks, lubricants and other essential finished products, and describes how, beginning in the year 2000, the oil futures market detached itself almost completely from the crude market, leading to the assetization of oil, and the crippling impact reckless speculation in oil futures has had on the global economy. Finally he proposes new, more sophisticated models that economists and financial analysts can use to make sense of today’s oil market, while offering industry leaders and government policymakers prescriptions for stabilising the market to ensure a relatively steady flow of affordable oil. A concise, authoritative guide to understanding the complex, oft misunderstood oil markets, Understanding Oil Prices is an important resource for energy market participants, commodity traders and investors, as well as business journalists and government policymakers alike.

Shale Boom Shale Bust

Author: Dan Dicker
Publisher:
ISBN: 0996489703
Release Date: 2015-06-07
Genre:

Just about everyone has heard something about the 'revolution' in shale oil. Hydraulic fracturing (fracking) of rock formations unique to the United States offers the promise of cheap and abundant energy, terrific economic growth and jobs - lots of jobs. But in 2014, something went terribly wrong with this rosy scenario of "Saudi America": A unexpected collapse in the price of oil that's bankrupting the oil patch, destroying jobs and threatening any plans of a renewable energy future. What happened? Why has this miracle 'revolution' generated so many losers and so few winners? Why isn't the United States any closer to energy independence than it was before oil from shale was even imagined? What can be done to put the markets and the industry right so that shale can deliver on even some of what's been promised?

Windfall

Author: Meghan L. O'Sullivan
Publisher: Simon and Schuster
ISBN: 9781501107931
Release Date: 2017-09-12
Genre: Political Science

The Harvard professor argues that fears of energy scarcity have resulted in energy abundance, and describes how new energy realities create a strategic environment to Americas advantage.