Beyond Market Assumptions: Oil Price as a Global Institution

Foreword: Seeking Less Uncertainty
	References
Introduction
	Highlighting Challenges
	Objectives and Structure of the Book
	References
Contents
Editor and Contributors
1 Institutional Theory and Oil Prices: Ceci est ne pas un Marché?
	Introduction
	Modes of Institutionalism
		Sociological Institutionalism
		Rational Choice Institutionalism
		Historical Institutionalism
		To Sum up
	Informal Institutions and Formal Institutions
	Can Something that Moves Minute by Minute Be an Institution?
	Oil Prices as the Independent Variable
	Institutionalization and Deinstitutionalization
	Conclusions
	References
2 The Oil Price and Resource–Society Interaction
	Introduction
	Focus on Morphological Resource Structures: The Scarcity-Based Approach
	Evolutionary Perspective on Resources
	From Resource Regimes to Environmental Economics
	Sociological Concepts Integrated into Natural Resource Political Economy
	Classification of Resource–Society Approaches
	References
3 Oil, Between Monopolies and Free Market
	Introduction
	Nineteenth-Century Product, but Still Leading Today to the Same Conclusions
	Life Changing Oil
		Why Is Oil Essential?
		Achnacarry and the Price Control
	The Oil Trauma
	The Oil Counter-Shock
		OECD Policies and Measures for Keeping Oil Prices Under Control
		IEA Strategic Oil Stocks
	The Volatility Period
		The New Oil Paradigm and its Consequences
		Unknown Resources and Limitless Reserves
		Shale Oil: The Emblem of Technology Development
		Oil Remains Irreplaceable
		What’s Next for IOCs?
		What’s Next for Crude Prices?
	References
5 Petroleum Conspiracies: How Russian Policymakers Seek Meaning in Oil Price Volatility
	Introduction
	Living in Denial: The Russian Petrostate and Popular Self-image
	Economic Wishful Thinking: Predictions of Oil and Gas Prices
	Making Sense of Chaos: Three Tropes of Oil Price Semantics
		Blind-Blaming
		Securitization
		Scapegoating
	Conclusions
	References
6 Oil Prices in Investment Arbitration, Partial Assimilation
	Introduction
	General Concepts
	Increases in Government Take, Acceptance and Acquiescence
		Case Law
		Acquiescence
	On the Issue of Damages
	Conclusion
	References
7 Pricing Security or Pricing Perceptions: Differences in Energy Security Perspectives of Oil and Gas
	Introduction: Price as an Institution. Perception of Price and Securitization
	Threat Perception and Its Application to Energy Price
	Oil and Its Price in Central and Eastern Europe
	Asymmetries of Dependence and Its Perception in Oil Versus Gas
	Future and Outlook of Pricing Oil and Gas, not so Silent Energy Revolution
	Conclusion
	References
Conclusion
Natural Resources are What Societies Make of Them
Focus on Embeddedness: Markets are Shaped by Their Stakeholders
Economic and Social Institutions Differentiated
The Oil Price and Social Symbols
Future Areas for Research and Debates
Afterword
Minding the Gap
Rallying behind the price
Beyond boom and bust
At the measurements’ edge
Fundamentals reconsidered
Climbing the carbon wall
The next chapter