Oil's Endless Bid: Taming the Unreliable Price of Oil to Secure Our Economy

According to author Dan Dicker, businesses and consumers are suffering from the out of control price of oil. Nothing about the price of oil makes sense based on the author's long career as a trader. Around 2008, financial players including investment banks, energy hedge funds and managed future fund [...]
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According to author Dan Dicker, businesses and consumers are suffering from the out of control price of oil. Nothing about the price of oil makes sense based on the author's long career as a trader. Around 2008, financial players including investment banks, energy hedge funds and managed future funds began to dominate energy trading. Soon, these players wreaked havoc on the oil price and it seems unlikely prices will drop without some dramatic action, on the part of both government and private companies. Dicker is an oil trader working in the center of the action, in the pits of the New York Mercantile Exchange, and in "Oil's Endless Bid" he recalls his experiences and tracks the changes in the oil markets for the last 20 years. The focus is particularly on the last five years, when the advent of electronic access, invention of new financial products and the idea of oil as an asset class took a sleepy, club-like market into the national spotlight.