Market Madness

By Blake C. Clayton,

Book cover of Market Madness: A Century of Oil Panics, Crises, and Crashes

Book description

Stock market booms are cause for celebration. But when oil prices soar because supplies are failing to keep up with demand, the response is nearly always apocalyptic. Predictions of the end of oil can create anxiety on Wall Street and in Washington, stoking fears that production has hit a ceiling…

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Why read it?

1 author picked Market Madness as one of their favorite books. Why do they recommend it?

For as long as I can remember, the oil industry has been saying oil is a finite resource and we are only a few years away from running dry.

It may be confusing to fathom how an industry can keep repeating that meme and have it continue to be believable. The key is understanding the cyclical nature of oil exploration and development and how the long lead time it takes to drill for new oil can lag behind a sudden burst of economic prosperity that creates more demand for energy virtually overnight. In essence, every oil shortage will eventually be…

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