- Hardcover: 224 pages
- Publisher: Wiley; 1 edition (June 5, 2006)
- Language: English
- ISBN-10: 0471792683
- ISBN-13: 978-0471792680
- Product Dimensions: 6.4 x 0.8 x 9.3 inches
- Shipping Weight: 13.6 ounces (View shipping rates and policies)
- Average Customer Review: 3.3 out of 5 stars See all reviews (8 customer reviews)
- Amazon Best Sellers Rank: #1,760,195 in Books (See Top 100 in Books)
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Black Gold: The New Frontier in Oil for Investors 1st Edition
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"The book has useful points to make…" (Lloyd's List, August 2006)
From the Inside Flap
Modern living is driven by oil, from the gasoline that propels our cars to the electricity that powers our homes to the military that protects our freedom. Throughout the twentieth century, a relatively uninterrupted supply of oil has fueled our nation's unparalleled growth.
Yet steadily increasing demand from the United States, as well as from rapidly developing nations such as China and India, has begun to seriously strain the world's oil reserves. This representsthe onset of a challenging new economic, philosophical, and political worldand an unprecedented opportunity for in-the-know investors.
Black Gold argues that oil prices are primed for an "überspike" and examines how institutional and individual investors can reap substantial rewards from this volatile and uncertain environment. Written by veteran oil analyst and journalist George Orwel, this insightful and prescient book provides you with:
- Analysis of alternative fuel sources, from solar and nuclear energy to wind and even wood, and the pluses, minuses, and potential investment value of each
- Insights from dozens of major figures, from energy industry executives and observers to seasoned investing pros
- An insider's look at Saudi Arabia and other Middle Eastern countries, discussing how what they say they can produceversus what they actually can producewill rock future markets
- Detailed charts and graphs on why the best time to invest in oil-related investments is NOWand proven strategies for uncovering the most profitable opportunities
- Actual investments, from ETFs and energy futures to hedge funds and oil-related companies, that stand poised to provide you with better-than-average returns over both the short- and long-term
Oil is the dominant energy source fueling the modern economy. When you combine that knowledge with the fact that oil is a nonre-?newable resource that will be exhausted at some indeterminate future time, it is easy to see how its value to you as an investor cannot be overstated.
Black Gold views this opportunity from every angle. Whether you are an oil industry executive looking for new perspectives or an investor searching for new ideas to enhance your portfolio's performance, this dramatic and valuable book will change the way you view today's evolving energy marketplaceand your role as an investor in that marketplace.
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Top Customer Reviews
The grammar is loose, the material is repetitious, there is no sense of progression or overall theme, and I doubt the reviewers mentioned on the back flap actually read the book.
But most damning is the typical journalist's proclivity for mindlessly shilling for the global warming lobby as if it actually existed as a matter of settled science which of course it is not.
After slogging through a few chapters I gave it up as a hopeless waste of time.
The book also has no specific ideas on which energy-related companies are best positioned to grow in the next five to 10 years. For that kind of info, I recommend investors do some homework on the oil service companies, such as Weatherford International, Schlumberger, Cameron International, National Oilwell Varco, and Halliburton. Perhaps only two of these companies are even mentioned in this book, which tends to discuss ideas about investing in energy-related ETFs and commodities. Perhaps these investment ideas are good, but they are also much more volatile for the average investor. Also, the book doesn't discuss specific companies in the field of alternative and renewable energy, which is also drawing increased investment.
The real value of this book lies elsewhere: understanding the energy issues facing industrialized nations. This particular topic is one where the "ignorati" weigh in with various unfounded opinions and absurd suggestions--everything from suggesting Americans should boycott certain gas stations to assuming technology will provide new energy sources that make oil obsolete.
Orwel, unlike the "analytically-challenged" talking heads, very clearly presents the picture on the looming energy crisis. Is there really an energy crisis? Many "experts" assure us there is not. They point to alternative energy sources and say we have nothing to worry about because these sources are here now. All we have to do is switch over--no problem. Orwel dispels these notions by examining a few of these. For example, he points out that "We could line the Atlantic coast with windmills and still not make much of a dent in electricity demand."
Many experts who agree there is an energy crisis also say the easy solution is to simply extract more oil. They recommend such thing as drilling in ANWAR or expanding production in existing fields. The first recommendation ignores the realities of enormous lead times. The second one violates the principle of getting blood from a turnip. Even if we could do these things right now, they wouldn't fill the gap produced by projected demand in the near term.
Other experts say we need to conserve. They are correct, but we can't conserve enough to prevent ourselves from running out of oil in the relatively near future.
Orwel discusses how much oil we actually have, the problems in tapping into proven reserves, refining issues, and public policy problems that hamper any efforts to increase the oil supply. He also provides a detailed explanation regarding how most of the available oil is in politically unstable countries. A supply disruption is more likely than not, in the near future.
What about demand? Where has it all come from? Orwel tells us that, as well. But he is careful not to simply discuss the present drivers of supply and project a linear curve from there. He looks deeper, drawing on both historical data and emerging trends. By the time you get 50 pages into the book, it is fairly obvious that you don't need to read his biography to know he's an analyst, and a good one at that.
To me, this book is "required reading" for all people who have been surprised over the rise in gas pump prices in the last couple of years. For the rest of us, it helps us understand what's coming and how to prepare for it. From the book's subtitle we know the book will reveal some things about investment opportunities. But, it reveals so much more.