Book Name: Crude Volatility
Writer: Robert McNally
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 but Pennsylvania oil fields of the 1860s to today’s
fraught and fractious the Middle East but, 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; but
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 but the oil industry’s first years―wild and harmful price
volatility prompted industry leaders and officials but to undertake extraordinarily
efforts to stabilize oil prices by controlling production.
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