Crude Volatility

Why it’s on the list: McNally’s history of why oil prices swing the way they do — a century of attempts to suppress the cycle, from Standard Oil through the Texas Railroad Commission to OPEC, and what happens each time the cartel of the moment loses control. The answer to the industry question if the industry is oil.

Where I saw it: In the reply thread to @WillManidis’s question, “what is the single best book you can read that will explain an entire industry?” (June 2, 2025) — a crowd-sourced list Kyle recovered by hand and saved to his Apple Note “Books To Read”; the full set of replies lives on what is the single best book… (tweet). It was listed there as “Crude Volatility”.

Connections

• Oil & Gas — the industry.
• Energy — price as the signal the whole sector runs on.
• Capital Allocation — a boom-bust commodity is the hardest case for investing discipline.
• The World for Sale — the trading side of the same physical business, also named in this thread.
• what is the single best book… (tweet) — the thread this recommendation came from.