Глава 8. Шок спроса
Глава 8. Шок спроса
1. Michael Wallis, Oil Man: The Story of Frank Phillips and Phillips Petroleum (New York: Doubleday, 1988), p. 123 (“oil fever”).
2. Petroleum Intelligence Weekly, February 6, 2004; interview.
3. Guy Caruso, testimony, U. S. Senate Subcommittee on Energy and Water Development, June 25, 2008; Wall Street Journal, April 26, 2004 (“guidelines,” “curious,” “skeptically”).
4. IHS CERA, “Capital Costs Analysis Forum– Upstream,” January 2009.
5. Ke Tang and Wei Xiong, “Index Investment and the Financialization of Commodities” January 2011, p. 13 (“co-move”).
6. Daniel O’Sullivan, Black Gold, Paper Barrels and Oil Price Barrels (London: Harriman House, 2009).
7. Joe Roeber, The Evolution of Oil Markets: Trading Instruments and Their Role in Oil Price Formation (Royal Institute of International Affairs, 1993).
8. CME Group, “2010 Commodities Trading Challenge: Competition Rules and Procedures” (“anticipating”).
9. Interview.
10. Jim O’Neill to author; Jim O’Neill, “Building Better Global Economic BRICs, Goldman Sachs Global Economics Paper No. 66, November 30, 2001; Financial Times, January 15, 2010.
11. Interview with Mark Fisher.
12. Interview with Robert Shiller. Шиллер дает следующее определение спекулятивного пузыря: «Ситуация, в которой новости, касающиеся цены, подогревают энтузиазм инвесторов, и в силу психологии они начинают заражать энтузиазмом друг друга. К тому же процесс усиливается историями, оправдывающими рост цены и привлекающими все больше и больше групп инвесторов, которые, несмотря на сомнения по поводу реальной стоимости вложений, поддаются соблазну в какой-то мере из-за зависти к другим, а в какой-то из-за азарта». В случае нефти, однако, большинство инвесторов уверены и практически не сомневаются в том, что они считают «реальной» (или будущей) стоимостью нефти. См. Robert Shiller, Irrational Exuberance, 2nd ed. (New York: Broadway Books, 2005), p. 2.
13. Peter Jackson and Keith Eastwood, “Finding the Critical Numbers: What Are the Real Decline Rates of Global Oil Production?” IHS CERA, November 2007.
14. Mohsin S. Khan, “The 2008 Oil Price ‘Bubble, ’” policy brief, Peterson Institute for International Economics, August 2009; Wall Street Journal, August 17, 2010.
15. CalPERS, “CalPERS Sets Guidelines for New Asset Class – Commodities, Forestland, Inflation-Linked Bonds,” February 19, 2008; Bloomberg, February 28, 2008; Petroleum Intelligence Weekly, May 12, 2008; interview with David Davis.
16. The Wall Street Journal, May 17, 2008 (“more oil”); Jeffrey Curie et al., “A Lesson from Long-Dated Oil: A Steadily Rising Price Forecast,” Goldman Sachs Energy Watch, May 16, 2008 (“structural bull market”).
17. Edward Morse, “Oil Dot-com,” Lehman Brothers Energy Special Report, May 2008; interview with Edward Morse; Petroleum Intelligence Weekly, June 2, 2008 (“biggest ramification”).
18. New York Times, May 23, 2008 (“gouging the American public”); May 22, 2008 (“ethical compass”).
19. Interview, Bloomberg, June 16, 2008 (travel industry); interview with David Davis.
20. The New York Times, June 23, 2008, June 20, 2008 (“deliberately chosen”); The Wall Street Journal, June 23, 2008, Associated Press, June 20, 2008 (memo).
21. Interview with David Davis; Oil Bubble or New Reality: How Will Skyrocketing Oil Prices Affect the U. S. Economy: Hearings Before the Joint Economic Committee, U. S. Congress, 110th Congress, 2nd Session, June 25, 2008, p. 10.
22. California State Board of Equalization, Fuel Taxes Division, Statistics & Reports – 2008, at http://www.boe.ca.gov/sptaxprog/spftrpts08.htm.
23. The Pew Campaign for Fuel Efficiency, A History of Fuel Economy: One Decade of Innovation, Two Decades of Inaction, January 2, 2011.
24. Admiral Dennis Blair, testimony, U. S. Senate Committee on Commerce, Science and Transportation, May 3, 2007; Energy Security Leadership Council, Recommendations to the Nation on Reducing U. S. Oil Dependence, December 2006.
25. Interviews; James Hamilton, “Oil and the Economy: The Impact of Rising Global Demand on the U. S. Economy,” hearings, Joint Economic Committee, U. S. Congress, May 20, 2009, pp. 27–29; interview with Rick Wagoner, Petroleum Intelligence Weekly, July 14, 2008.
26. International Energy Agency, World Energy Outlook 2010 (Paris: OECD/IEA, 2010), pp. 605–11.
27. The New York Times, July 16, 2008; Petroleum Intelligence Weekly, July 21, 2008.
28. Benjamin S. Bernanke, “Economic Policy: Lessons from History,” speech, Center for the Study of the Presidency and the Congress, April 8, 2010; Hilary Till, “The Oil Markets: Let the Data Speak for Itself,” EDHEC Working Paper, October 2008, p. 22.
29. Financial Times, September 8, 2009.
30. Interview with Robert Shiller.
Данный текст является ознакомительным фрагментом.