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Why does it cost $40 to fill your gas tank one year and $80 thenext?
What caused oil and gas prices to soar 600% from 20032008,only to take a nosedive and soar again over the next couple ofyears?
Why, if cheap energy sources are more abundant than ever, are webankrupting our economy in order to make foreign oil producers evenricher than they already are?
While there seems to be no shortage of "expert" opinions as towhy oil prices have been behaving so erratically, the three mostcommonly given blame either the decline in the value of the U.S.dollar; China's insatiable hunger for oil; or investor fears ofinflation.
Thoughtful people sense there is something wrong with thisconventional wisdom about the oil markets, but they are hardpressed to say what it is. Are they correct? Is there another, moresinister force driving the oil's crazy pricevolatilitysomething glaringly obvious that the experts aremissing or, worse, deliberately glossing over?
The short answer, according to author Dan Dicker, isyesand that missing "something" is, quite simply, that theoil markets are terribly broken. What broke them, and how can theybe fixed before they drag us all down into an economic black hole,is the subject of Oil's Endless Bid.
Few authors are as qualified as Dan to write such a book. Duringhis two decades as a NYMEX oil trader, he watched a clubby nichemarket explode into a firestorm of financial speculation fueled bya high-octane mix of unbridled greed, the malignant growth ofexotic financial instruments, and a near-total lack ofoversight.
Interweaving personal accounts with expert analysis, Danreflects on his life as a trader before and after passage of theCommodities Futures Modernization Act opened up the oil markets toa flood of "dumb money." According to him, the "assetization" ofoil, and the rapid growth of oil index funds and ETFs, has createdan incessant upward pressure on the price of oilthe lifebloodof American industry. And that pressure has severed it from thepractical realities of oil and the oil industries. Hence, "oil'sendless bid."
The biggest victim of this latest speculative feeding frenzy isthe American consumer, who pays the price at the pump and in theinflated costs of everythingfrom food and clothing toelectric power and even lifesaving medications.
Oil's Endless Bid offers a unique insider's look at the modernface of oil trading, along with expert advice on how to immunizeyour assets from unpredictable price volatility in the markets. Butperhaps, more important, it explains what corporate and governmentleaders can and must do to address this dire problem . . . beforeit's too late.
Praise for OIL'S ENDLESS BID
"Eye-opening for anyone who drives a car or uses a lightbulb.Dan Dicker draws on his years of experience at the heart of energymarkets and uncovers why Americans are paying the price for hugefunds to gamble in futures. By the end, he makes his case for somereal-world solutions to a problem that is bound to spiral out ofcontrol once again. As compelling as it isentertaining."Melissa Francis, Host of CNBC's The Call
"Armed with the perspective of a market professional, Dan Dickerdives into the slick, murky world of oil trading and emerges withan illuminating cautionary tale." Daniel Gross, columnist forYahoo! Finance and Newsweek
An industry insider tells the biggest financial story of the newmillenniumhow we lost control of our oil markets
Leading energy industry analyst Dan Dicker recalls his twentyyears as an oil trader and describes the huge changes that havetaken place in the market over the past decade. He details theimpact of the Commodities Futures Modernization Act on the oilmarket and how the financialization of oil transformed a sleepyniche market into a global Ponzi scheme. He explains how investmentbanks, energy hedge funds, managed future funds, and ETFs came todominate energy trading and wreak havoc on the oil market and theworld economy. And he exhorts government and corporate leaders toact to stabilize oil prices before it's too late.
The book is insightful, entertaining and for those interested in better understanding the world of commodities trading, a must read.
I would also suggest in addition to this book Oil 101 by Morton Downey; it comptements this book very well if you are interestsed in the energy markets.
Dan provides well evidenced claims about the effects of ETFs, institutional and commercial influences and the assetization of oil in recent years.
Very interesting! If you ever wonder how petroleum products are priced and what goes on in those commodity pits - this is the book for you.Published 11 months ago by Opad D
This is an interesting perspective from an author who actually trades for a living. I enjoyed this book and learned from it.Published 16 months ago by Jeremy R. Thompson
The book starts off with a lot of emotive language that detracts from the author's credibility and valuable knowledge. Read morePublished 20 months ago by Stuart
This is the author's contention that oil prices are artificially high because oil has been turned into a financial instrument for quick profits by big Wall Street players such as... Read morePublished 22 months ago by SFPhil
This is a truly remarkable book.Dan takes you on a journey into the life of an oil trader from the early 1980's working in the pit at the NYMEX as a commodity trader,till present... Read morePublished on January 22, 2013 by Mr Heath
With a little money to invest and a computer, I'm a poster boy for Mr. Dicker's thesis--that the assetization of oil futures has allowed the free market to be pumped up by shlubs... Read morePublished on May 8, 2012 by Larry Blumen
For three or more obvious reasons this book is totally misleading!
Although "Higher Prices" Of Oil and Gasoline' result from SPECULATION
on the... Read more
Take Away The Punch Bowl From Wall Street. Contango may sound 'funny' like 'it takes two to Tango' but this ain't no laughing matter. Read morePublished on February 21, 2012 by Dr. Avian
"Oil's Endless Bid" is both an informative treatise on the ins and outs of oil trading over the last 40 years and a tell all exposing the reader to the shadier side of that same... Read morePublished on January 21, 2012 by Superior Southpaw