Oil 101

OIL 101 is a straightforward guide to oil and an essential read for anyone coming to grips with where oil prices, the economy and society are headed. In OIL 101, Downey provides the facts one needs to understand oil, from its history and chemistry, to refining, finished products, storage, transportation, alternatives, and how prices are determined every day in global wholesale oil markets and how those markets are connected to prices at the pump. "Since 1859, oil has enabled and defined our economic, social and political landscape. Throughout this time, abundant supply ensured low, stable prices and the inner workings of the oil industry remained relatively obscure. Following a century and a half of relative calm, oil prices have become much more volatile as the sustainability and growth of reliable supply sources have been brought into question. This book provides a guide to oil; from its history, to sources of supply and drivers of demand; from how prices are determined daily in global wholesale oil markets, to how those markets are connected to prices at the pump." -- Book jacket A brief history of oil A crude oil assay Components of oil liquids Chemistry of oil Industry overview Exploration and production Refining Standards Finished products Petrochemicals Transporting oil Storage Seasonality Reserves Environmental regulations New engine technologies Oil prices Forward oil markets: futures and swaps Forward oil markets: options Managing oil price risk.