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Crafting an engrossing journey from the Pennsylvania oil fields of the 1860s to today's Middle East, Crude Volatility shows how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Robert McNally explains how oil became so central to our world and why it is subject to such extreme price fluctuations.
Robert McNally has written an excellent biography of a world-famous character, known for volatility and violent mood swings, sometimes reviled but always a player in the world economy and politics—the oil price. Insightful and timely, Crude Volatility explores the clash over many decades between "boom and bust" prices and the efforts to harness them. In the current market, McNally explains why volatility is likely to win out over stability—highly significant for what will remain the world's most important commodity for many years to come.
Pioneer's strong balance sheet and successful hedging program—before and since the latest price bust—depended largely on McNally's sound advice and his outstanding grasp of oil market dynamics and OPEC. This same expertise is on display in his lively book, which will help any reader understand the history of oil markets, and how we got to where we are today.
This is an important book. Bob McNally is the first to place shale oil in its proper historical context and explain the ramifications. His conclusions have profound implications for policymakers and the market. It would be unwise to venture out into this new and more volatile oil market without using McNally as your guide.
This completely fresh viewpoint from Robert McNally is a must read for anyone involved in the oil market. The historical perspective provided in Crude Volatility is critical to understanding the future of prices and the impact they will have on the geopolitical order in years to come. Buckle up for a wild ride!
Splendid... McNally is both a skillful historian and an astute analyst... for readers who do not have the time to tackle Daniel Yergin's 900-page standard-bearer, The Prize (1990), Crude Volatility is a concise alternative for understanding the grand narrative of oil.
[McNally] deftly explains the motivation behind attempts to temper oil market swings. . . . McNally uses history and two new oil data sets - on prices and global spare capacity - to explain that the greater the market imbalance, the wider the potential price swings, which in itself reinforces greater supply fluctuations.
The most comprehensive treatment of concerted attempts to stabilize oil prices...Recommended.
If you're an investor in the sector, a policy-maker or diplomat, or you just want a heads up about the next threats facing the global economy, read it.
[McNally] paints a compelling picture of the colorful history of the global oil industry . . . of interest and pertinence to nearly every energy economist (and many macroeconomists). . . . Well-researched and documented.
Robert McNally is the founder and president of The Rapidan Group, a leading energy consulting firm, and a nonresident fellow at the Columbia University Center on Global Energy Policy. From 2001 to 2003, he served as the top international and domestic energy adviser on the White House staff.
Robert McNally has written an excellent biography of a world-famous character, known for volatility and violent mood swings, sometimes reviled but always a player in the world economy and politics—the oil price. Insightful and timely, Crude Volatility explores the clash over many decades between "boom and bust" prices and the efforts to harness them. In the current market, McNally explains why volatility is likely to win out over stability—highly significant for what will remain the world's most important commodity for many years to come.
Pioneer's strong balance sheet and successful hedging program—before and since the latest price bust—depended largely on McNally's sound advice and his outstanding grasp of oil market dynamics and OPEC. This same expertise is on display in his lively book, which will help any reader understand the history of oil markets, and how we got to where we are today.
This is an important book. Bob McNally is the first to place shale oil in its proper historical context and explain the ramifications. His conclusions have profound implications for policymakers and the market. It would be unwise to venture out into this new and more volatile oil market without using McNally as your guide.
This completely fresh viewpoint from Robert McNally is a must read for anyone involved in the oil market. The historical perspective provided in Crude Volatility is critical to understanding the future of prices and the impact they will have on the geopolitical order in years to come. Buckle up for a wild ride!
Splendid... McNally is both a skillful historian and an astute analyst... for readers who do not have the time to tackle Daniel Yergin's 900-page standard-bearer, The Prize (1990), Crude Volatility is a concise alternative for understanding the grand narrative of oil.
[McNally] deftly explains the motivation behind attempts to temper oil market swings. . . . McNally uses history and two new oil data sets - on prices and global spare capacity - to explain that the greater the market imbalance, the wider the potential price swings, which in itself reinforces greater supply fluctuations.
The most comprehensive treatment of concerted attempts to stabilize oil prices...Recommended.
If you're an investor in the sector, a policy-maker or diplomat, or you just want a heads up about the next threats facing the global economy, read it.
[McNally] paints a compelling picture of the colorful history of the global oil industry . . . of interest and pertinence to nearly every energy economist (and many macroeconomists). . . . Well-researched and documented.
Robert McNally is the founder and president of The Rapidan Group, a leading energy consulting firm, and a nonresident fellow at the Columbia University Center on Global Energy Policy. From 2001 to 2003, he served as the top international and domestic energy adviser on the White House staff.