Oil Prices: Fluctuations and Market Dynamics

Exploring the historical context and market forces behind the fluctuating nature of oil prices, from supply-demand dynamics to the role of swing producers like OPEC and the Texas Railroad Commission. Analyzing key events such as the oil price shocks of the 70s, 2008, and 2014 to illustrate the impact of various factors on market dynamics. Emphasizing the importance of spare capacity and the need for an effective swing producer in stabilizing oil prices amidst global market uncertainties.