num_pages: 336
description: As 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 howeven from the oil industry's first yearswild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventionsfirst by Rockefeller's Standard Oil then by U.S. state regulators in partnership with major international oil companies and finally by OPECsucceeded 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 recommendationsincluding mistakes to avoidas we confront the unwelcome return of boom and bust oil prices.
language: English
title: Crude Volatility: The History and the Future of Boom-Bust Oil Prices
publisher: Columbia University Press