Market madness : a century of oil panics, crises, and crashes / Blake C. Clayton.
2015
HD9560.5 .C5675 2015
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Details
Title
Market madness : a century of oil panics, crises, and crashes / Blake C. Clayton.
ISBN
9780199990054 (hardback)
9780199990061 (electronic bk.)
9780199990061 (electronic bk.)
Published
New York, New York : Oxford University Press, [2015]
Copyright
©2015
Language
English
Description
1 online resource (242 pages) : illustrations
Call Number
HD9560.5 .C5675 2015
Dewey Decimal Classification
338.2/72820973
Summary
"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 mitigate unnecessary 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"-- Provided by publisher.
Bibliography, etc. Note
Includes bibliographical references and index.
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Access limited to authorized users.
Source of Description
Description based on print version record.
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Market madness : a century of oil panics, crises, and crashes.
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Table of Contents
Machine generated contents note:
CHAPTER 1
Introduction
CHAPTER 2
"A National Crisis of the First Magnitude"
The United States Geological Survey in an Era of Booming Demand, 1909-1927
CHAPTER 3
"A New Era of Scarcity and Higher Prices"
Wartime Demand and the End of American Self-Reliance in Oil, 1940-1949
CHAPTER 4
"A Problem Unprecedented in Our History"
American Anxiety in the Age of OPEC, 1970-1986
CHAPTER 5
"A Permanent Radical Rise in Oil Prices"
Peak Oil Takes Wall Street, 1998-2013
CHAPTER 6
Conclusion.
CHAPTER 1
Introduction
CHAPTER 2
"A National Crisis of the First Magnitude"
The United States Geological Survey in an Era of Booming Demand, 1909-1927
CHAPTER 3
"A New Era of Scarcity and Higher Prices"
Wartime Demand and the End of American Self-Reliance in Oil, 1940-1949
CHAPTER 4
"A Problem Unprecedented in Our History"
American Anxiety in the Age of OPEC, 1970-1986
CHAPTER 5
"A Permanent Radical Rise in Oil Prices"
Peak Oil Takes Wall Street, 1998-2013
CHAPTER 6
Conclusion.