Chapter
DERIVATIVES MARKETS AND PRICE DISTORTIONS
Arguments that Oil Speculation has been Excessive
Economic Growth Lifts Demand; Supply Cannot Keep up
Price Inelasticity of Supply and Demand Enables Large Price Swings
APPENDIX A. SPECULATIVE TRADING AND PRICE
Chapter 2 OIL PRICE FLUCTUATIONS*
The United States in a Global Oil Market
OIL PRICES AND THE U.S. ECONOMY
MARKET FUNDAMENTALS: GLOBAL SUPPLY AND DEMAND
Demand Growth Led by Developing Countries
Challenges to Oil Supply Growth
OPEC’s Role in the Oil Market
Refining and Crude Oil Prices
Prices Collapse with Recession, Rebound with Recovery
June 2011 Strategic Petroleum Reserve Release
Future Fundamentals and the Price of Oil
Supply and Demand Policy Measures
Domestic Oil and Gas Drilling
Strategic Petroleum Reserve
NON-FUNDAMENTAL FACTORS: SPECULATION, MANIPULATION, AND THE DOLLAR
Regulation of Speculators
Manipulation of Physical Prices
The Dollar and the Price of Oil
Chapter 3 U.S. TRADE DEFICIT AND THE IMPACT OF CHANGING OIL PRICES*
Chapter 4 THE U.S. TRADE DEFICIT, THE DOLLAR, AND THE PRICE OF OIL*
THE DOLLAR AND THE PRICE OF OIL
Real and Nominal Oil Prices
THE INTERNATIONAL EXCHANGE VALUE OF THE DOLLAR
Chapter 5 REAL HELP FOR AMERICAN CONSUMERS: WHO’S PROFITING AT THE PUMP?*
The Oil Industry Is the Most Profitable in the World
Countering Excessive Speculation Will Have a Direct Impact on Prices at the Pump
Increasing Drilling and Repealing Safety Measures Will Not Lower Gas Prices
I. THE OIL INDUSTRY IS THE MOST PROFITABLE IN THE WORLD
A. Oil Companies Are Making Record Profits
B. Oil Companies Receive Billions in Unnecessary Tax Breaks
C. Oil Companies Make Billions More from No-Royalty Leases
D. Attempts to End Favorable Treatment for Oil Industry
II. COUNTERING SPECULATION WILL HAVE A DIRECT IMPACT ON PRICES AT THE PUMP
A. Experts Warn Against Manipulation by Speculators
B. The Influence of Speculators is Increasing Rapidly
C. Action to Counter Excessive Speculation
D. Support and Opposition for Solutions
III. INCREASING DRILLING AND REPEALING SAFETY MEASURES WILL NOT LOWER GAS PRICES
A. ADDITIONAL DRILLING WILL HAVE MINIMAL IMPACT ON GAS PRICES
B. Repealing Safety Measures Would Disregard Damage from BP Oil Spill
C. The “Permitorium” is a Myth
D. SAFETY MEASURES ARE BASED ON LESSONS LEARNED FROM BP OIL SPILL
Oil Prices: Fundamentals, Fluctuations and Impacts
( Energy Policies, Politics and Prices )
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