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Expert analysis of rising oil prices and the out-of-control oil markets that jeopardize both national security and the economy
The price of oil is negatively impacting both companies and consumers. In Oil's Endless Bid: Taming the Unreliable Price of Energy to Secure Our Economy, energy analyst Dan Dicker recalls his experiences as an oil trader and reveals the changes that have taken place in the oil markets during the past twenty years, and particularly the last five, as investment banks, energy hedge funds, and managed futures funds have come to dominate energy trading and wreak havoc on prices.
- Reveals why oil prices cannot stabilize without dramatic action on the part of both government and business
- Details how the novel, but wrong, idea of oil as an asset class took a sleepy, club-like market into the national spotlight
- Describes how the United States is unnecessarily handing its wealth over to foreign oil producers during a time when the potential supply of oil is greater than ever
Written by an industry insider, Oil's Endless Bid analyzes the biggest financial story of the last ten years?how we lost control of our oil markets.
- Sales Rank: #808996 in eBooks
- Published on: 2011-03-21
- Released on: 2011-03-21
- Format: Kindle eBook
From the Inside Flap
Why does it cost $40 to fill your gas tank one year and $80 the next?
What caused oil and gas prices to soar 600% from 2003–2008, only to take a nosedive and soar again over the next couple of years?
Why, if cheap energy sources are more abundant than ever, are we bankrupting our economy in order to make foreign oil producers even richer than they already are?
While there seems to be no shortage of "expert" opinions as to why oil prices have been behaving so erratically, the three most commonly given blame either the decline in the value of the U.S. dollar; China's insatiable hunger for oil; or investor fears of inflation.
Thoughtful people sense there is something wrong with this conventional wisdom about the oil markets, but they are hard pressed to say what it is. Are they correct? Is there another, more sinister force driving the oil's crazy price volatility—something glaringly obvious that the experts are missing or, worse, deliberately glossing over?
The short answer, according to author Dan Dicker, is yes—and that missing "something" is, quite simply, that the oil markets are terribly broken. What broke them, and how can they be 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. During his two decades as a NYMEX oil trader, he watched a clubby niche market explode into a firestorm of financial speculation fueled by a high-octane mix of unbridled greed, the malignant growth of exotic financial instruments, and a near-total lack of oversight.
Interweaving personal accounts with expert analysis, Dan reflects on his life as a trader before and after passage of the Commodities Futures Modernization Act opened up the oil markets to a flood of "dumb money." According to him, the "assetization" of oil, and the rapid growth of oil index funds and ETFs, has created an incessant upward pressure on the price of oil—the lifeblood of American industry. And that pressure has severed it from the practical realities of oil and the oil industries. Hence, "oil's endless bid."
The biggest victim of this latest speculative feeding frenzy is the American consumer, who pays the price at the pump and in the inflated costs of everything—from food and clothing to electric power and even lifesaving medications.
Oil's Endless Bid offers a unique insider's look at the modern face of oil trading, along with expert advice on how to immunize your assets from unpredictable price volatility in the markets. But perhaps, more important, it explains what corporate and government leaders can and must do to address this dire problem . . . before it's too late.
From the Back Cover
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 energy markets and uncovers why Americans are paying the price for huge funds to gamble in futures. By the end, he makes his case for some real-world solutions to a problem that is bound to spiral out of control once again. As compelling as it is entertaining."—Melissa Francis, Host of CNBC's The Call
"Armed with the perspective of a market professional, Dan Dicker dives into the slick, murky world of oil trading and emerges with an illuminating cautionary tale." —Daniel Gross, columnist for Yahoo! Finance and Newsweek
An industry insider tells the biggest financial story of the new millennium—how we lost control of our oil markets
Leading energy industry analyst Dan Dicker recalls his twenty years as an oil trader and describes the huge changes that have taken place in the market over the past decade. He details the impact of the Commodities Futures Modernization Act on the oil market and how the financialization of oil transformed a sleepy niche market into a global Ponzi scheme. He explains how investment banks, energy hedge funds, managed future funds, and ETFs came to dominate energy trading and wreak havoc on the oil market and the world economy. And he exhorts government and corporate leaders to act to stabilize oil prices before it's too late.
About the Author
Dan Dicker had more than twenty years' experience on the floor of the New York Mercantile Exchange, where he traded crude oil, natural gas, unleaded gasoline, and heating oil futures contracts for his own accounts. He is currently President and partner of MercBloc LLC, a wealth management firm, as well as a senior contributor at Jim Cramer's TheStreet.com, where he writes on the energy markets and investing in the energy space. He has lent his expertise as an oil markets analyst in hundreds of live radio and television broadcasts on CNBC, Bloomberg, Nightly Business Report, and ABC News. Dan lives with his wife and family in New York.
Most helpful customer reviews
15 of 16 people found the following review helpful.
Insightful, informative and entertaining
By Al N. Roy
Dicker's book is more than an expert explanation and analysis of the oil markets and of the speculative debacle they have become, and an astute call for regulation. It is an insider's look at the exotic world of New York floor traders and Texas oilmen; it entertains us with stories from the trading pits, putting us right in the thick of it.
Although not intended as an investment guide, the book illuminates commodities trading strategies and their advantages and pitfalls. On this subject, Dicker, a successful trader on the New York Mercantile Exchange, is unusually well-qualified.
After reading "Oil's Endless Bid", I have a thorough knowledge of the oil and oil by-products markets and of trading strategy terminology. Most importantly, I have plenty to think about regarding the effects of rampant speculation on the price of oil and how that influences the U.S. and world economies and our everyday lives.
12 of 13 people found the following review helpful.
This book is worth the effort! Great job Dan!1
By Paul Nunes
This book will provide an excellent educationo n the nature of the crude oil markets and how trading in those markets has evolved over the years. I completely disagree with the reveiwer that was dismissive of the points Dan made in his books. The changing of the rules that has allowed an exponential increase in the betting on oil prices does not provide real world economic benefit other than to the profitting trading firms. THe futures markets for commodites provide the business and social stabilizing function of price discovery just as the capital markets for bonds and stocks exist for capital formation. The speculation aspect has always existed in human nature and these markets; but the evidence clearly depicted in this book shows the speuclative aspect of the market has overwhelmed the ecnomic useful aspects of these markets. I learned a lot from Dan's book and I encourage you to read it. 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's financial commentary is available at TheStreet.com and I have found his videos and columns helpful in my investment advisory business. As an added bonus; Dan has great personal stories!
10 of 11 people found the following review helpful.
Physical oil is not an asset to be managed like a stock equity
By Jay Poppenhusen
Day after day our news media report to us on skyrocketing oil prices and endless environmental, geopolitical side stories. Why is the price of oil going up an endless spiral? Dicker provides an autobiographical, commodities "trading pit" account of what is happening. He uses plain old street language in an attempt to clarify what is hedging, trading, investing, and speculating. And this uncovers the problem he sees with the oil industry. Oil producing companies that might appear to be hedging are actually trading, and Goldman Sachs mysteriously makes oil appear to be something that can be managed like a stock equity. How can they be allowed to do that at the expense of the consumer? Decker teaches readers how to place a "crack spread" bid in all the yelling in your face language on the trading floor. He offers a fully developed theory on why the rules of online, ETF, investment bank commodities trading are no longer on a level playing field.
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