The Price of Oil

'This fascinating book elucidates the economics, geography, history, and politics of oil and the price of oil. The authors explain why the shale revolution seems likely to keep oil prices comparatively low for a long time to come, demonstrating how the power of technology and human ingenuity prevails over concerns about depletion. They also lay out the links between the shale and conventional oil revolutions and climate policy. An excellent and edifying read.' Thorvaldur Gylfason, University of Iceland

'Much has been written about life under high oil prices. Aguilera and Radetzki offer an early and valuable attempt to grapple with the economic, geopolitical and climate implications of life under low oil prices.' Russell Gold, Senior Energy Reporter, The Wall Street Journal and author of The Boom

'If there is one book to read to understand how oil has been priced over the past half century and how it is likely to be priced over the next half century this is it. Aguilera and Radetzki have produced a tour de force. In simple English they have summarized the disruptive implications of the shale revolutions - hydraulic fracturing and horizontal drilling - on unleashing supplies at lower costs that will continue to wreak havoc with the petro-states of the world and define not just the geopolitics of oil but the politics of climate change and a host of other macro- economic issues for decades to come. Their out-of-the box dramatic conclusions about low prices for years to come are based on transparent assumptions and modeling, and in the process they manage to tackle the major strands of energy economics over the last fifty years in a manner that will be meaningful to the lay public and both meaningfully challenging and controversial for experts.' Edward L. Morse, Head of Commodities Research, Citibank

'This is a fascinating book written in a clear and convincing manner on an extremely important and timely question - namely, how will the real price of oil evolve over the long run defined as the next twenty years? For readers … who want to know about past and future trends in the price of oil, this is definitely a book to read.' Resources Policy

'Why is the price of oil so volatile? I thought I knew the answer… till I read Aguilera and Radetzki.' Matt Ridley, The Times

'I found this book to be well argued, thought provoking, and fun to read. The authors have presented both statistical data and literature studies to support their case while acknowledging alternative points of view that they think less likely. Those with professional interest in energy markets as well as the general public interested in energy issues are likely to enjoy this book.' Carol A. Dahl, The Energy Journal