This is a book about the international oil market. It takes a historical perspective on how the market emerged, developed, and became what it is today—the biggest commodity market in the world. It is mature and complex, but far from perfect. Throughout most of its 150-year history, the oil market has been monopolised by companies and governments. For only a fraction of that, oil traded in a relatively free market. As a result, we had to live with ‘big oil’, economic shocks, high oil prices, instability and wars. Using a simple concept of market power, this book will explain the meaning of ‘oil price’ and how it is established while offering a valuable lesson for other commodities. Market power is the key to understanding the ‘price of oil’. This book uses a simple concept of price-makers and price-takers to examine the evolution of oil markets, their structure, and prices. The early decades of the oil industry were competitive with low barriers to entry. Barely 25 years later, the Standard Oil company created a refining monopoly, buying oil at its own ‘posted’ price. In the following century, the cartel of major oil companies, helped by their governments, did the same at the international level. OPEC helped producing governments regain control of their own resources, but the organisation was never able to retain a similar level of control. After 1986 price collapse, OPEC abdicated the price-making function in favour of the market. While it never gave up attempts to influence prices, OPEC had to link their official prices to one of the global oil benchmarks. Modern international oil markets function because of oil benchmarks such as Brent, WTI and Dubai. This book showcases: • How oil traders played a prominent role in development of the industry • How policies of consuming nations helped oil cartels • Why and how the US price of oil was negative • How AI has changed the way markets operate and the way in which the markets are likely to change in future This book explores how oil markets grew, functioned, and have occasionally failed to do their job. The ecosystem of derivatives or ‘paper barrels’ trading in far greater volume than physical oil plays a very important role in mitigating risk. With this core tenant, setting the ‘price of oil’ is explained in detail.

Source of the debate on how much competition and regulation are necessary in the health care industry. This is a reprint of proceedings from a 1977 conference.

Originally published in 1983, this book presents both the technical and political information necessary to evaluate the emerging threat to world security posed by recent advances in uranium enrichment technology. Uranium enrichment has played a relatively quiet but important role in the history of efforts by a number of nations to acquire nuclear weapons and by a number of others to prevent the proliferation of nuclear weapons. For many years the uranium enrichment industry was dominated by a single method, gaseous diffusion, which was technically complex, extremely capital-intensive, and highly inefficient in its use of energy. As long as this remained true, only the richest and most technically advanced nations could afford to pursue the enrichment route to weapon acquisition. But during the 1970s this situation changed dramatically. Several new and far more accessible enrichment techniques were developed, stimulated largely by the anticipation of a rapidly growing demand for enrichment services by the world-wide nuclear power industry. This proliferation of new techniques, coupled with the subsequent contraction of the commercial market for enriched uranium, has created a situation in which uranium enrichment technology might well become the most important contributor to further nuclear weapon proliferation. Some of the issues addressed in this book are: A technical analysis of the most important enrichment techniques in a form that is relevant to analysis of proliferation risks; A detailed projection of the world demand for uranium enrichment services; A summary and critique of present institutional non-proliferation arrangements in the world enrichment industry, and An identification of the states most likely to pursue the enrichment route to acquisition of nuclear weapons.

The acclaimed investigative reporter and author of Confronting Collapse examines the global forces that led to 9/11 in this provocative exposé. The attacks of September 11, 2001 were accomplished through an amazing orchestration of logistics and personnel. Crossing the Rubicon examines how such a conspiracy was possible through an interdisciplinary analysis of petroleum, geopolitics, narco-traffic, intelligence and militarism—without which 9/11 cannot be understood. In reality, 9/11 and the resulting "War on Terror" are parts of a massive authoritarian response to an emerging economic crisis of unprecedented scale. Peak Oil—the beginning of the end for our industrial civilization—is driving the elites of American power to implement unthinkably draconian measures of repression, warfare and population control. Crossing the Rubicon is more than a story of corruption and greed. It is a map of the perilous terrain through which we are all now making our way.

The full story of the role that oil played in the origins and outcome of World War II.

First published in 1984, this book examines corporate crime in the pharmaceutical industry. Based on extensive research, including interviews with 131 senior executives of pharmaceutical companies in the United States, the United Kingdom, Australia, Mexico and Guatemala, the book is a major study of white-collar crime. Written in the 1980s, it covers topics such as international bribery and corruption, fraud in the testing of drugs and criminal negligence in the unsafe manufacturing of drugs. The author considers the implications of his findings for a range of strategies to control corporate crime, nationally and internationally.