Speculation, Fundamentals, and Oil Prices

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By Mark Jickling (au); Rena S. Miller (au); Neelesh Nerurkar (au)
Year: 2011
Pages: 32
Binding Paperback
ISBN 978-1-4578-3847-7

Product Code: 1457838478

Description

High oil prices affect nearly every household and business in the United States. During the course of 2008, oil prices doubled to more than $145 per barrel and then fell by 80%. In early 2011, there was a run-up of about 20%, sending gasoline prices to near 2008 highs. Few would rule out the possibility of similar price swings in the months to come. What explains oil price volatility? Contents of this report: (1) Introduction; (2) Oil Markets, Prices, and Derivatives: The Mechanics of a Futures Contract; Who Trades in Oil Derivatives Markets; (3) Speculation and Hedging in Oil Futures Markets; (4) Price Impact of Speculation; (5) Derivatives Markets and Price Distortions: Manipulation; Speculation; (6) Fundamental Factors: Economic Growth Lifts Demand: Supply Cannot Keep Up; Price Inelasticity of Supply and Demand Enables Large Price Swings; (7) Congressional Action; (8) Conclusion. Figures and tables. This is a print on demand report.

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