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.
消化肝胆病中医保健 本书特色 《消化肝胆病中医保健》立足于中西医结合理论,在对发病率较高的消化肝胆病论及概念、病因病机、常见证候分型及治疗的同时,重点论述了传统...
李霖灿,1912年生于河南省辉县。1938年在国立杭州艺术专科学校毕业之后,就由昆明北上经大理到丽江去作边疆民族艺术之调查。1941年7月就国立中央博物馆之聘,...
IntheAlexanderLecturesfor1965-66attheUniversityofToronto,Dr.Fryedescribesthebasi...
《Web编程基础——HTML5、CSS3、JavaScript(第2版)》内容简介:本书详细介绍了Web编程基础中的相关知识点和技能,主要内容包括HT
迈普里斯·安徒生毕业于丹麦奥尔堡大学,并留校任教。叶世邦·杜拉航从事绘画创作多年,尝试过多种艺术形式,如卡通、漫画、教育、海报及报纸杂志插画等,以幽默的画风及手...
五十岚大介日本漫画家,出生于埼玉县熊谷市,多摩美术大学美术学部绘画学科毕业,现居住于神奈川县镰仓市。中学时代受押井守导演的影响开始创作漫画,1993年获《月刊A...
电力工程高压送电线路设计手册第二版 本书特色 本书可供从事高压送电线路的设计、勘测、预算和施工、运行部门及高等院校有关专业人员使用相参考。电力工程高压送电线路设...
☆新京报·腾讯2017年度十大好书☆豆瓣2017年度读书榜单 中国文学(小说类)TOP1☆第一届做書奖 年度原创小说用纯真的双眼捕捉孤独的角落被张大春誉为撑起2...
《曾文正公全集》为晚清一代名臣曾国藩文集,采用最早的、也是目前被认为最为经典的版本,即传忠书局刻本。本书是首次以简体版的形式将传忠书局版《曾文正公全集》完整呈现...
元曲三百首鉴赏辞典-学生版 本书特色 元曲是中国古代文化的瑰宝,它与汉斌、唐诗、宋词、明清小说一道,成为中国古代文人聪明才智的见证。元曲盛于元代,它不同与唐诗宋...
菊池祐纪,80后,东京都立工艺高等学校毕业;27岁成为漫画家,连载《SUPER动物动物》《LEED Cafe》《100天后会死的鳄鱼君》;因2019年12月12...
《上市公司内部控制信息披露分析(财会文库)》内容简介:本书是财政部会计名家培养工程项目的资助成果,通过对我国《企业内部控制
2013-第二分册 建筑结构-一级注册建筑师考试辅导教材-(第九版) 本书特色 曹纬浚主编的《一级注册建筑师考试辅导教材(第2分册建筑结构第9版)》由北...
一个女孩要经历多少看不见的坎坷,才能跌跌撞撞地长大成人。亚洲10年来罕见的现象级畅销书,凭口口相传在韩国销量突破100万册。韩国书店联合会评选2017年最佳小说...
汪曾祺:当代著名小说家、散文家、戏剧家。文学家中的美食家,美食家中的生活家,生活家中的士大夫。被誉为“抒情的人道主义者”,“纯粹的文人”“士大夫”。他生于江南,...
肯尼斯·克拉克爵士(Sir Kenneth Clark, 1903—1983)20 世纪杰出的艺术史家。三十岁即出任英国国家美术馆馆长,二战期间主持战时艺术家计...
★69%的人携带了一种致癌病毒,当事人却不知道。★止咳糖浆除了给感冒患者心理安慰以外,更有一定几率导致心悸甚至死亡。★人类在本质上不过是一堆不断混合、闪转腾挪的...
作品目录那个名叫台湾的岛屿1945年,抗战结束,台湾光复。这个与祖国分离了50年的岛屿,重新回到了中央政府的统治下。只是那时谁
本书立足于两性关系修复,分为恋情挽回和婚姻修复两大主题篇章,并针对“第三者”现象设置了特别篇。“不被任何东西打败的恋情”针对恋情中出现的危机,结合热恋、失恋、复...
自1984年起,当代最杰出的文学批评家哈罗德•布鲁姆与切尔西出版社合作,开展一项史无前例的冒险事业:围绕西方最受欢迎的作家作品,精心拣择最富启发性的批评杰作,编...