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.

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.

Windfall

Author: Meghan L. O'Sullivan
Publisher: Simon and Schuster
ISBN: 9781501107955
Release Date: 2017-09-12
Genre: Political Science

Windfall is the boldest profile of the world’s energy resources since Daniel Yergin’s The Quest. Harvard professor and former Washington policymaker Meghan L. O’Sullivan reveals how fears of energy scarcity have given way to the reality of energy abundance. This abundance is transforming the geo-political order and boosting American power. As a new administration focuses on raising American energy production, O’Sullivan’s Windfall describes how new energy realities have profoundly affected the world of international relations and security. New technologies led to oversupplied oil markets and an emerging natural gas glut. This did more than drive down prices. It changed the structure of markets and altered the way many countries wield power and influence. America’s new energy prowess has global implications. It transforms politics in Russia, Europe, China, and the Middle East. O’Sullivan explains the consequences for each region’s domestic stability as energy abundance upends traditional partnerships, creates opportunities for cooperation. The advantages of this new abundance are greater than its downside for the US: it strengthens American hard and soft power. This powerful book describes how new energy realities creates a strategic environment to America’s advantage.

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.

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 Handbook of Global Energy Policy

Author: Andreas Goldthau
Publisher: John Wiley & Sons
ISBN: 9781118326350
Release Date: 2013-03-14
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

The Peak Oil Scare and the Coming Oil Flood

Author: Michael C. Lynch
Publisher: ABC-CLIO
ISBN: 9781440831874
Release Date: 2016-07-25
Genre: Technology & Engineering

Is the earth's oil supply starting to run out, or is there far more oil than some experts believe? This book points out flaws in the research used to warn of an oil shortfall and predicts that large new reserves of oil are soon to be tapped. • Presents a cogent analysis that debunks the myths and exposes the agendas of those who promulgate the scarcity theory • Supplies applied economic analysis—backed by well-informed research and proven analytical methodologies—by a scholar and researcher with real-world experience • Explains how the extraction of crude oil from shale formations through hydraulic fracturing, or "fracking," should result in abundant long-term supplies with much greater geographical diversity, less political risk, and increased price stability • Provides valuable insights into investing in the energy sector

Depression Oil Trading A Mind At War With Itself

Author: Jonathan Ford
Publisher: Chipmunka Publishing
ISBN: 1783822678
Release Date: 2016-04-21
Genre:

From a largely joyless childhood in the UK, Jonathan shares his troubled family life, with an alcoholic father and domineering mother, through the school and college years and to the present day. He chronicles his agonizing struggles with severe depression and anxiety that caused massive marital strife with his two American wives plus career upheaval, almost resulting in suicide. His mental illness could not have made him more unsuited to his chosen career as an oil trader during which he suffered many failings, disappointments and betrayal that threw him into deep despair and his life into turmoil and, ultimately, near financial ruin. His unfailing love for his four children from two difficult marriages shines through the darkness and has been the principal factor behind his survival. Jonathan offers valuable insight into the murky world of oil trading, supported by his first-hand knowledge of the industry, gained whilst working notably for Vitol and BP, as well as a trader's perspective on the Enron era, sprinkled with eye-opening, fascinating, and often amusing anecdotes.

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"--

The Boom

Author: Russell Gold
Publisher: Simon and Schuster
ISBN: 9781451692303
Release Date: 2014-04-08
Genre: Business & Economics

The “best all-around book yet on fracking” (San Francisco Chronicle) from a Pulitzer Prize finalist: “Gold's work is a tour de force of contemporary journalism” (Booklist). First invented in 1947, hydraulic fracturing, or fracking, has not only become a major source of energy, it is changing the way we use energy, and the energy we use. It is both a threat and a godsend for the environment, and it is leading the revival of manufacturing in the United States. A definitive narrative history, The Boom follows the twists and turns in the development and adoption of this radical technology. It is a thrilling journey filled with colorful characters: the green-minded Texas oilman who created the first modern frack; a bare-knuckled Oklahoman natural gas empire-builder who gave the world an enormous new supply of energy and was brought down by his own success and excesses; an environmental leader whose embrace of fracking brought an end to his public career; and an aging fracking pioneer who is now trying to save the industry from itself. A fascinating and exciting exploration of one of the most controversial and promising sources of energy, The Boom “brings new clarity to a subject awash in hype from all sides…a thoughtful, well-written, and carefully researched book that provides the best overview yet of the pros and cons of fracking. Gold quietly leads both supporters and critics of drilling to consider other views” (Associated Press).