An analysis of the response of American markets to supply crises in world oil markets is presented. It addresses four main issues: the efficiency of the operation of American oil markets during oil supply crises; the problems of both economic efficiency and social equity which arise during the American adaptation process; the propriety of the Federal government's past policy responses to these problems; and the relationship between perceptions of the problems caused by world oil crises and the real economic natures of these problems. Specifically, Chapter 1 presents a theoretical discussion of the effects of a world supply disruption on the price level and supply availability of the world market oil to any consuming country including the US Chapter 2 provides a theoretical and empirical analysis of the efficiency of the adaptations of US oil product markets to higher world oil prices. Chapter 3 examines the responses of various groups of US oil firms to the alterations observed in world markets, while Chapter 4 presents a theoretical explanation for the price-lagging behavior exhibited by firms in the US oil industry. Chapter 5 addresses the nature of both real and imagined oil market problems in the US during periods of world oil market transition. (MCW).

"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 mitigateunnecessary 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 scale of the socio-economic impact of the Covid-19 pandemic on the global economy has not been witnessed since the Great Depression. Isolation measures, implemented across the globe to contain the virus, confined hundreds of millions of people into their homes, bringing economic activities to a standstill. This crisis has impacted the oil and gas industry in an unprecedented manner. A massive decline in oil demand and a large oversupply, intensified by the price war between Russia and Saudi Arabia, has sent oil prices to levels unseen in decades. While the oil industry has faced several crises that have pushed it to find new ways to conduct business and adapt to changing conditions, the Covid-induced crisis has come when the industry is dealing with increased shareholder activism and intense pressure on the environmental front. Since this is a new phase for the industry, it could also become the catalyst that accelerates the transformation it has started to go through. Oil will continue to play an essential role in the energy mix for many decades. However, oil companies will have to navigate and manage an uncertain future as oil and gas projects will be riskier to develop and consequently require a higher rate of return. They will have to diversify their portfolios and continue shifting toward an integrated business model that embraces the changes caused by the energy transition and the growth in renewable and new technologies.

"Colin Campbell is renowned for his lucid earlier work, 'The coming oil crisis'. Eight years on, events have proved his analysis right. Now, he argues that the oil crisis has come. The familiar technical explanation of the crisis is carefully made again : essentially, that there is no more oil to be found. That fact is beginning to manifest itself in heightened competition for the remaining resource ; which is why America invaded Iraq ; why Central Asia is in turmoil ; why oil is persistently priced above $50/barrel (and why Goldman Sachs think $100 a barrel is not too unlikely in the near future). The problem - of an oil-less world - is beyond the grasp of politicians. They can fiddle with ideas about renewables or hydrogen but they, along with most of humanity, have not really grasped that it is the oil economy that enables about a 7 billion world population to be sustained. A wholly new world is imminent. It is not likely to be very pleasant. Dr Campbell outlines our grim future." -- book cover.

The oil industry is the world’s largest commercial enterprise. Its extent is global; international issues are consistently influenced by considerations of oil production and consumption, while the international communications networks of the larger oil companies rival those of many nations. In this, the eighth edition of Oil and World Power, published in 1986, Peter Odell explains the complexities of this gigantic empire and its influence on the world. The far-reaching chapters discuss the U.S.A, the Soviet Union, O.P.E.C., Japan and the oil-consuming countries of the developing world. Evaluating the changing patterns of oil supply and the dramatic fall in oil prices in 1986, Odell proposes a number of forward-thinking conclusions surrounding the relationship between oil in global politics and economic development. This is an exceptionally interesting and relevant work, of great value to those with an interest in the oil industry, global power and international economic development.

. . . a very detailed and fascinating description of the development of China s oil and natural gas industry and an assessment of its prospects. . . certainly a recommended read. Anthony D. Owen, Asia Pacific Journal of Economics and Business . . . this book should be a part of the library of anyone interested in the Chinese energy system. New Zealand Journal of Asian Studies This is a timely and important book to help enhance understanding of China s petroleum industry and to assess China s energy policy in a more sensible way. Janet Xuanli Liao, The China Journal This is a timely volume. Understanding the oil and gas industry that China has at home is an essential prerequisite to understanding Chinese foreign policy and the future role of China in world oil and gas markets. It is certain to be a major one. From the preface by Ron Oxburgh, Lord Oxburgh of Liverpool, (Climate Change Capital) China s rapid economic development is having profound implications for energy resources. China has always been exceptionally reliant on its abundant coal, but consumption of oil and gas have grown rapidly since reform began in the 1980s. In spite of vigorous domestic development most recently in the Tarim Basin China is now consuming approximately 8 per cent of the world s oil output but producing only 4 per cent. China s emergence as an energy importer has given rise to concerns that it is a major contributor to recent turmoil in energy markets. This book examines China s record of oil and gas development, its refining capacity, and energy prospects. The authors conclude that there are no fundamental reasons for anxiety about China s demands on the world energy economy, but they emphasize that its energy future will depend critically on a continuation of reform and internationalization. China and the Global Energy Crisis is a concise but detailed study of these issues. This book will appeal not only to readers concerned with China and energy issues, but also to a wider readership seeking to understand China s development and its global meaning.

In October 1973 two crises – one economic, one political – intersected, with dramatic and long term consequences for international relations. On 6 October, Egypt and Syria launched an attack on Israel, and within a few days the major Arab oil producers announced their support by use of the ‘oil weapon’, including a boycott of supplies for countries friendly to Israel and a programme of production cuts. This was followed by the unilateral declaration of a steep increase in the price of oil by the Organization of Petroleum Exporting Countries (OPEC). The result was international panic and world recession. Crude oil prices soared by a massive fourfold in just three months. The West's vulnerability had been exposed: it was being held hostage to oil. Yet, despite efforts to address this dependence on oil imports in following years, the 1979 Iranian Revolution triggered a further upward surge in prices. Today, the importance of oil remains at the forefront of the West's foreign policy calculations in the Middle East. In this fascinating and timely new look at the oil crisis, Fiona Venn examines these issues and the more unexpected effects of the crisis. She asks just how much really changed in the economic balance of power. Most importantly she argues that OPEC was used as a scapegoat for the world recession, which had been already underway when the crisis detonated.

The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.

This classic is arranged as follows: Preface 1. The Question of Practical Application. 2. The Question of Natural Science. 1. Introduction and Orientation I. The Selection of a Path II. The “Singleness of the Superlative” III. The Principle of Least Effort IV. The Scope of the Principle: “Tools-and-Jobs” V. Previous Studies VI. Prospectus 2. On the Economy of Words I. In Medias Res: Vocabulary Usage, and the Forces of Unification and Diversification II. The Question of Vocabulary Balance III. The Orderly Distribution of Meanings IV. The Integrality of Frequencies V. The Integrality of Rank VI. The Length of Intervals Between Repetitions VII. The Problem of Spreading Work Over Time (The Even Distribution of Work Over Time) 3. Formal Semantic Balance and the Economy of Evolutionary Process I. The “Minimum Equation” Of Arrangement II. The Law of Abbreviation of Words III. The Law of Diminishing Returns of Tools IV. The Law of Diminishing Returns of Words 4. Children’s Verbalizations and the “Origin of Speech” I. The Problem II. Quantitative Data III. Theoretical Discussion of the “Origin” Of Speech IV. Summary 5. Language as Sensation and Mentation I. The Comparative Conservatism of Tools in the Risks and Opportunities of the Environment II. The Economy of Sensation III. Mentation: The Correlation of Sensory Data IV. A Mind as a Unit Semantic System V. Intellectual Rigidity and Death: Miscellanea V. Summary: The N Minimum 6. The Ego as the “Origin” Of a Frame of Reference I. A Definition of an Organism II. The Biosocial Population of Organisms III. The Economy of Procreation IV. The Synchrony of the Biosocial Continuum 7. Mind and the Economy of Symbolic Process: Sex, Culture, and Schizophrenia I. Human Sexual Activity II. The Economy of Symbolic Process (Substitution III. Culture, Society, and the Superego IV. Autism and the Confusion of Kinds of Reality V. On Schizophrenic Speech VI. Semantic Dynamics: Summary VI. Language and the Structure of the Personality 8. The Language of Dreams and of Art I. The Language of Dreams II. The Language of Art III. Language and the Structure of the Personality: Mary of Part One 9. The Economy of Geography I. A Lemma in Which a Number of Human Beings Becomes Increasingly More Organized II. The Hypothesis of the “Minimum Equation” III. Empiric Tests IV. Concluding Remarks 10. Intranational and International Cooperation and Conflict I. Canadian Data II. Unstable and Stable Intranational Conditions III. Stable and Unstable International Equilibria 11. The Distribution of Economic Power and Social Status I. Theoretical Considerations II. Empiric Data III. The Interaction Between Individuals: Dominance and Submission IV. Summary 12. Prestige Symbols and Cultural Vogues I. Theoretical Considerations II. Pioneer Empiric Data III. Musical Composers and Compositions IV. Samples of Congressional Action V. Summary