The Price of Oil [Hardcover]

This book explains why oil prices rose so spectacularly in the past and examines how they will be suppressed in the future.Written for a broad readership, this book provides an in-depth examination of oil's extraordinary price increase over the past few decades. The authors explain why we are at a turning point where scarcity, uncertain supply and high prices will be replaced by abundance, undisturbed availability and suppressed price levels.Written for a broad readership, this book provides an in-depth examination of oil's extraordinary price increase over the past few decades. The authors explain why we are at a turning point where scarcity, uncertain supply and high prices will be replaced by abundance, undisturbed availability and suppressed price levels.Drawing on their extensive knowledge of the oil industry, Roberto F. Aguilera and Marian Radetzki provide an in-depth examination of the price of the world's most important commodity. They argue that although oil has experienced an extraordinary price increase over the past few decades, we have now reached a turning point where scarcity, uncertain supply and high prices will be replaced by abundance, undisturbed availability and suppressed price levels. They look at the potential of new global oil revolutions to bring the upward price push to an end and examine the implications of this turnaround for the world economy, as well as for politics, diplomacy, military interventions and the efforts to stabilize climate. This book will appeal to a wide readership of both academics and professionals working in the energy industry, as well as to general readers interested in the ongoing debate about oil prices.Acknowledgements; 1. Introduction and overview; Part I. Oil's Extraordinary Price History: How Can It Be Explained?: 2. The price of oil since the early 1970s: observations and implications; 3. OPEC and its behavior cannot explain oil's price performance; 4. Can depletion and rising costs explain the price developmlƒ