I examine evidence for a recent acceleration in the impact of technological change in the extraction of oil and natural gas on OPEC, associated with hydraulic fracturing and horizontal drilling. I estimate world demand for and non OPEC supply of crude oil simultaneously, representing technological progress using deterministic trends. The data span 45 years of history, but Zivot Andrews tests identify breaks in trend entirely within the last eight years. Drilling for tight oil causes a break in non-OPEC supply in 2011:III. Shale gas production partly explains a deceleration in demand for crude oil in 2014:IV. Both breaks have a substantial effect on price elasticity of net demand to OPEC going forward, but OPEC retains the same level of market power that it currently has, as measured by the elasticity of demand net of non OPEC production for an increase in price. I conclude that policies designed to counteract OPEC's market power are still needed.
As OPEC has loosened its grip over the past ten years, the oil market has been rocked by wild price swings, the likes of which haven't been seen for eight decades. Crafting an engrossing journey from the gushing Pennsylvania oil fields of the 1860s to today's fraught and fractious Middle East, Crude Volatility explains how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Oil's notorious volatility has always been considered a scourge afflicting not only the oil industry but also the broader economy and geopolitical landscape; Robert McNally makes sense of how oil became so central to our world and why it is subject to such extreme price fluctuations. Tracing a history marked by conflict, intrigue, and extreme uncertainty, McNally shows how—even from the oil industry's first years—wild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventions—first, by Rockefeller's Standard Oil, then, by U.S. state regulators in partnership with major international oil companies, and, finally, by OPEC—succeeded to varying degrees in taming the beast. McNally, a veteran oil market and policy expert, explains the consequences of the ebbing of OPEC's power, debunking myths and offering recommendations—including mistakes to avoid—as we confront the unwelcome return of boom and bust oil prices.
The last decade has seen a far-reaching revolution in the oil industry, both in the US and globally. By some measures, America is on pace to become the world's biggest oil producer, an outcome that was inconceivable just a few years ago. But what does this shift really mean for American and global security? In Myths of the Oil Boom, Steve A. Yetiv, an award-winning expert on the geopolitics of oil, takes stock of our new era of heightened petroleum production and sets out to demolish both the old myths and misconceptions about oil and the new ones that are quickly proliferating. As he explains, increased production in the US will not lead to a major reduction in longer term oil prices, even if it has contributed to their precipitous fall in the short run. America will not intervene less in the Persian Gulf just because it is producing more oil domestically. Saudi Arabia is less willing or able to play global gas pump to the world economy than in the past. Building an electric car industry does not mean that consumers will buy in, but neither is it true that a broad shift toward eco-friendly cars will have very little impact on greenhouse gas emissions. Most importantly, raising the level of domestic production will never solve America's energy and strategic problems, and it may in fact worsen climate change unless it is accompanied by a serious national and global strategy to decrease oil consumption. While Yetiv takes on these and a number of other misconceptions in this panoramic account, this is not just an exercise in myth-busting; it's also a comprehensive overview of the global geopolitics of oil and America's energy future, cross-cutting some of the biggest economic and security issues in world affairs. Accessibly written and sharply argued, Myths of the Oil Boom will reframe our understanding of the most politicized commodity in the world.
The global economy is in a broad-based cyclical recovery. Investment, manufacturing and trade are on the rebound. Financing conditions are benign, monetary policies are generally accommodative, and the worst impacts of the recent commodity price collapse have begun to dissipate. However, the global economic outlook remains clouded by a number of risks. These include the possibility of financial market disruptions, rising protectionist sentiment, and heightened geopolitical tensions. Of particular concern is evidence of subdued productivity and slowing potential growth. In addition to discussing global and regional economic developments and prospects, this edition of Global Economic Prospects includes a chapter on the causes of the broad-based slowing of potential growth and suggests remedies. The report also contains Special Focus sections on the impact of the 2014-2016 oil price collapse and the relationship between education demographics and global inequality. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing countries, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces.
The global and regional economic environment remains challenging. Global growth remains tepid, and although some pick-up is expected, risks are tilted to the downside. Recent volatility in financial markets is having a significant impact on some large emerging markets, highlighting the challenges that will be faced in unwinding the Federal Reserve’s quantitative easing policy. Geopolitical uncertainties in the Middle East are also high.
Fake News Fake President provides an honest assessment of Trump’s first year in office. Many measures Trump promised to enact on day one of his presidency – including building a wall on the south border, repealing Obamacare and reinstating the Glass-Steagall Act of 1933 – have been delayed, curtailed, mocked or forgotten. Citing high profile articles by academic researchers, Fake News Fake President sheds some light on an array of impossible promises and false claims fabricated by the new US administration. Fake News Fake President also gives insight into the latest developments in current international political and economic affairs, from North Korea and the Brexit negotiations to climate change, immigration and the growing imbalances within the Eurozone.
The thoroughly updated 2nd edition of the book Current Affairs 2017 captures the Most Important Events, Issues, Ideas & People of 2016 in a very lucid ans student friendly manner. It is essential for aspirants to keep themselves updated as just knowing things can get them more marks in such exams. Moreover Current Affairs prove to be very important tool to handle GD and PI. It comes in handy for the aspirants of UPSC, SSC, Banking, Insurance, Railways, Engg. Services and AFCAT etc. Infographics, Charts and MindMaps have facilitated information quickly and clearly. The information provided in the Current Affairs 2017 is in line with the analysis of previous years' competitive exams papers which will help aspirants update on all happenings across India and the world. Salient Features of the book: • Global Economic Outlook. • The India - SWOT Analysis - covers the social, political & economic aspects. • Timeline 2016 - covering the timeline of important dates from Jan - Dec 2016 of India and the World. • Bills & Acts - Provides features and details of the bills and acts that were passed in 2016. • Policies & Schemes - Provides features and details of the policies and schemes that were launched in 2016. • Top 500 - covering the Top 500 People, Events, Ideas and Issues that raised their head in 2016. • 10 Analytical Articles - capturing the hottest of the issues of 2016. • Coming Up 2017 - capturing the events to come and what to expect in 2017. • Emerging Trends features the most significant news that captured the attention of people. • Cause & Effects illustrates the causes and effects of the various things that occurred in 2016. • Unanswered Questions - However we may explore but there are always certain questions that remain unanswered. This sections lists various such questions of the year 2016.
This edited volume examines whether the unexpected decline in the price of oil had a positive or negative impact on the world economy. Bringing in academics, business-leaders and policy-makers from around the globe, authors shed light on the changing international political economy after the fall.
"The last decade has seen a far-reaching revolution in the oil industry, both in the US and globally. By some measures, America is on pace to become the world's biggest oil producer in the next decade, an outcome that was inconceivable just a few years ago. But does this shift mean that the US will no longer be beholden to foreign autocrats? That prices will go down for consumers? That the global oil supply is less susceptible to shocks? In The American Oil Boom, Steve A. Yetiv, an award-winning expert on the geopolitics of oil, takes stock of our new era of heightened petroleum production and sets out to demolish both the old myths and misconceptions about oil as well as the new ones that are quickly proliferating. As he explains, increased production in the US will not lead to a reduction in prices, in part because oil is globally traded and OPEC will defend against low prices. America will not intervene less in the Persian Gulf just because it is producing more oil domestically. Saudi Arabia is less willing or able to play global gas pump to the world economy than in the past. Building an electric car industry does not mean that consumers will buy in, but neither is it true that a broad shift toward eco-friendly cars will have very little impact on greenhouse gas emissions. Most importantly, raising the level of domestic production will never solve America's energy and strategic problems, and may even worsen climate change, unless it is accompanied by a serious national and global strategy to decrease oil consumption. These are just some of the myths that Yetiv takes on in this panoramic account. This is not just an exercise in myth-busting, however; it's also a comprehensive overview of the global geopolitics of oil and America's energy future, cross-cutting some of the biggest security and political issues in world affairs. Accessibly written and sharply argued, The American Oil Boom will reframe our understanding of the most politicized commodity in the world"--
Presents an unstinting exploration of controversial fracking technologies to consider the arguments of its supporters and detractors, profiling key contributors while explaining how the practice is changing the way energy is used.