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Author: Diana Davids Hinton
Publisher: University of Texas Press
ISBN: 0292778864
Category : History
Languages : en
Pages : 448
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Book Description
The dramatic story of the oil boom that transformed the history of a state, drawn from archives and first-person accounts. As the twentieth century began, oil in Texas was easy to find, but the quantities were too small to attract industrial capital and production. Then, on January 10, 1901, the Spindletop gusher blew in. Over the next fifty years, oil transformed Texas, creating a booming economy that built cities, attracted out-of-state workers and companies, funded schools and universities, and generated wealth that raised the overall standard of living, even for blue-collar workers. No other twentieth-century development had a more profound effect upon the state. This book chronicles the explosive growth of the Texas oil industry from the first commercial production at Corsicana in the 1890s through the vital role of Texas oil in World War II. Using both archival records and oral histories, they follow the wildcatters and the gushers as the oil industry spread into almost every region of the state. The authors trace the development of many branches of the petroleum industry: pipelines, refining, petrochemicals, and natural gas. They also explore how overproduction and volatile prices led to increasing regulation and gave broad regulatory powers to the Texas Railroad Commission.
Author: Diana Davids Hinton
Publisher: University of Texas Press
ISBN: 0292778864
Category : History
Languages : en
Pages : 448
Get Book Here
Book Description
The dramatic story of the oil boom that transformed the history of a state, drawn from archives and first-person accounts. As the twentieth century began, oil in Texas was easy to find, but the quantities were too small to attract industrial capital and production. Then, on January 10, 1901, the Spindletop gusher blew in. Over the next fifty years, oil transformed Texas, creating a booming economy that built cities, attracted out-of-state workers and companies, funded schools and universities, and generated wealth that raised the overall standard of living, even for blue-collar workers. No other twentieth-century development had a more profound effect upon the state. This book chronicles the explosive growth of the Texas oil industry from the first commercial production at Corsicana in the 1890s through the vital role of Texas oil in World War II. Using both archival records and oral histories, they follow the wildcatters and the gushers as the oil industry spread into almost every region of the state. The authors trace the development of many branches of the petroleum industry: pipelines, refining, petrochemicals, and natural gas. They also explore how overproduction and volatile prices led to increasing regulation and gave broad regulatory powers to the Texas Railroad Commission.
Author:
Publisher:
ISBN:
Category : Commodity exchanges
Languages : en
Pages : 36
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Book Description
Author: George Xianzhi Yuan
Publisher: World Scientific
ISBN: 9811223211
Category : Business & Economics
Languages : en
Pages : 274
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Book Description
In 2020, the global lockdowns caused by the COVID-19, or coronavirus, pandemic had resulted in a sharp drop in demand for crude oil. This impact was so severe that on April 8, 2020, a proposal to update the Chicago Mercantile Exchange Holdings Inc. (CME) trading rule to permit negative prices was applied to CME's WTI Oil futures contracts; this led to a novel phenomenon in which the closing clearing price of WTI Oil May future was $-37.63/barrel based on fewer than 400 contracts' trading volume in the last three minutes, reflecting less than 0.2% of the total trading contracts volume on April 20, 2020. This occurrence of negative closing clearing price for CME's WTI Oil futures trading, cannot be explained simply by just the principle of supply and demand; instead, it highlights vulnerabilities caused by CME's allowance of negative price trading (based on its trading platform), a decision which brings potential and fundamental challenges to the global financial system.This event challenges not just our basic concepts of 'value' and trading 'price' of commodities and goods that underline our understanding of the framework for the invisible hand and general equilibrium theory in economics established by a few generations of scholars since Adam Smith in 1776 for market economies, but also have wider implications on the fundamentals that underpin our ideas of value and labor in the organization, activity, and behavior of civilizations and individual liberties.The scope of this book is limited to covering the impact of the negative oil futures derivatives' trading between April 20 and 21, 2020. This book focuses on exploring the issues, challenges, and possible impacts on global financial markets due to the negative clearing prices of WTI Oil futures contracts and related problems from different perspectives. Topics covered include the responsibilities and liabilities of the CME; critique to the fundamental theory of economics and the modern understanding of value and labor; and challenges to the global financial systems and businesses and introduction to new methods of application.
Author: National Academies of Sciences, Engineering, and Medicine
Publisher: National Academies Press
ISBN: 0309380103
Category : Nature
Languages : en
Pages : 167
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Book Description
Diluted bitumen has been transported by pipeline in the United States for more than 40 years, with the amount increasing recently as a result of improved extraction technologies and resulting increases in production and exportation of Canadian diluted bitumen. The increased importation of Canadian diluted bitumen to the United States has strained the existing pipeline capacity and contributed to the expansion of pipeline mileage over the past 5 years. Although rising North American crude oil production has resulted in greater transport of crude oil by rail or tanker, oil pipelines continue to deliver the vast majority of crude oil supplies to U.S. refineries. Spills of Diluted Bitumen from Pipelines examines the current state of knowledge and identifies the relevant properties and characteristics of the transport, fate, and effects of diluted bitumen and commonly transported crude oils when spilled in the environment. This report assesses whether the differences between properties of diluted bitumen and those of other commonly transported crude oils warrant modifications to the regulations governing spill response plans and cleanup. Given the nature of pipeline operations, response planning, and the oil industry, the recommendations outlined in this study are broadly applicable to other modes of transportation as well.
Author: Darren Dochuk
Publisher: Hachette UK
ISBN: 1541673948
Category : History
Languages : en
Pages : 688
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Book Description
A groundbreaking new history of the United States, showing how Christian faith and the pursuit of petroleum fueled America's rise to global power and shaped today's political clashes Anointed with Oil places religion and oil at the center of American history. As prize-winning historian Darren Dochuk reveals, from the earliest discovery of oil in America during the Civil War, citizens saw oil as the nation's special blessing and its peculiar burden, the source of its prophetic mission in the world. Over the century that followed and down to the present day, the oil industry's leaders and its ordinary workers together fundamentally transformed American religion, business, and politics -- boosting America's ascent as the preeminent global power, giving shape to modern evangelical Christianity, fueling the rise of the Republican Right, and setting the terms for today's political and environmental debates. Ranging from the Civil War to the present, from West Texas to Saudi Arabia to the Alberta Tar Sands, and from oil-patch boomtowns to the White House, this is a sweeping, magisterial book that transforms how we understand our nation's history.
Author: Owain Johnson
Publisher: Routledge
ISBN: 1000539458
Category : Business & Economics
Languages : en
Pages : 269
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Book Description
The day-to-day world of crude oil traders is not usually open to outsiders. Few non-specialists appreciate how oil traders approach the markets, what their backgrounds are and how they make money. This book brings the oil trading world to vivid life by introducing the reader to 40 real-life trades or strategies that were carried out by named market participants. The 40 chapters cover different geographies and different crude oil markets, providing an unparalleled insight into how crude oil traders work and think. Oil trading developed in its current form in the 1980s and the chapters cover these early beginnings through to the present day. The trades have been grouped in sections that relate to the nature of each trade and its broader use as an example of a successful trading style. Sections cover approaches to arbitrage trading; the impact of geopolitics; logistics and storage plays; short-term versus longer term trading; managing new crude oil grades; trading crude oil derivatives. The book provides plenty of inspiration for current or prospective crude oil traders or analysts. It will also be valuable for academic researchers, business school case studies, and for anyone wanting to learn more about the individuals that shape the world’s most important commodity market.
Author: Bassam Fattouh
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Mr.Aasim M. Husain
Publisher: International Monetary Fund
ISBN: 151357227X
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.
Author: Walter Rundell
Publisher:
ISBN: 9780890969915
Category : History
Languages : en
Pages : 0
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Book Description
At the beginning of this century oil transformed the Texas economy and wrought profound and lasting changes on life within the state. Here, in 328 contemporary photographs is an eyewitness record of the early days of the Texas oil industry. When Lyne Barret brought in the first well in 1866 near Nacogdoches, photography was in its adolescence, so the entire history of the Texas petroleum industry fortunately was documented by the camera. Although that well amounted to very little, thirty years later Corsicana proved the commercial success of Texas oil, and when Spindletop roared in on January 10, 1901, a new era began for Texas and the entire petroleum industry. Other fields opened--Saratoga, Sour Lake, Batson, Humble, Electra, Burkburnett, Goose Creek, Ranger, Desdemona, Breckenridge, Mexia, Big Lake, the Permian Basin, Borger, and the incomparable East Texas field--and camera men were there to capture the excitement of discovery and the changes brought by oil. Unforgettable photographs of oil-field folk--drillers, roustabouts, tool dressers, tycoons--of the bustling boom towns and the derrick-crowded fields, dramatically portray the people and how they lived and worked. Recorded too are primitive refineries, oil tankers under sail and steam, pipeline crews, and the "modern" transportation and retailing facilities of the 1930s. Walter Rundell's text provides the historical setting for the photographs, focusing always on the human element. This combination of pictures and text presents a vivid social history of early Texas oil and its tremendous impact on Texas and its people.
Author: Mr.Rabah Arezki
Publisher: International Monetary Fund
ISBN: 1475572360
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend.
