3. Why are Oil Prices Prone to Boom-Bust Cycles?

Chapters in this book

1. Frontmatter i
2. Contents ix
3. Preface xi
4. Acknowledgments xv
5. Author’s Note xvii
6. Introduction: The Texas Paradox 1
7. Part One. The Long Struggle for Stability: 1859–1972
8. 1. And Then There was Light: From Chaos to Order in The Kerosene Era (1859–1911) 11
9. 2. No Rockefeller, No Peace: Boom-Bust Returns 41
10. 3. Why are Oil Prices Prone to Boom-Bust Cycles? 57
11. 4. The Texas Era of Price Stability: U.S. Supply Controls and International Cartelization (1934–1972) 67
12. Part Two. The Opec Era: 1973–2008
13. 5. The Birth of Opec: 1960–1969 115
14. 6. Opec Takes Control from Texas and The Seven Sisters: 1970–1980 123
15. 7. Opec’s Rude Awakening: 1981–1990 145
16. 8. Opec Muddles Through: 1991–2003 160
17. 9. Twilight: Opec’s Power to Prevent Price Spikes Ebbs and Vanishes: 2004–2008 170
18. 10. Oil’s Third Boom-Bust Era: 2009–? 193
19. Epilogue 225
20. Notes 243
21. Bibliography 281
22. Index 301