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Energizing Finance: The Energy Crisis, Oil Futures, and Neoliberal Narratives

Published online by Cambridge University Press:  19 September 2019

CALEB WELLUM
CALEB WELLUM*
Affiliation:
Caleb Wellum is a 2019–2020 Energy Futures Postdoctoral Fellow in the Department of Communication Arts at the University of Waterloo, Ontario. He is a historian of the twentieth-century United States and currently is at work on a book about the 1970s energy crisis. Department of Communication Arts, Modern Languages Building, Room 233, University of Waterloo, Waterloo, ON, Canada, N2L 3G1. E-mail: caleb.wellum@mail.utoronto.ca
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Abstract

This article examines the origins and development of oil futures trading in the United States to demonstrate the important role that energy concerns played in the financialization of the U.S. economy in the 1970s and 1980s. The article contextualizes the emergence of oil futures contracts by narrating the longer history of U.S. futures markets and financialization. It also explores the halting development of oil futures contracts, and analyzes the three kinds of legitimating narratives that accompanied oil futures trading: reason, the primacy of price, and power. As a whole, the article argues that energy crisis discourse contributed significantly to the financialization of the U.S. economy by framing futures markets as the only viable solution to the energy crisis. The much-celebrated oil futures contracts on the New York Mercantile Exchange supported and marked the emergent power of financial thinking as the United States entered a neoliberal era.

Type
Article
Information
Enterprise & Society , Volume 21 , Issue 1 , March 2020 , pp. 2 - 37
Copyright
Copyright © The Author 2019. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved. 

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References

Bibliography of Works Cited

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Davis, Aeron, and Walk, Catherine. “Distinguishing Financialization from Neoliberalism.” Theory, Culture, and Society 34, no. 5–6 (July 2017): 27–51.CrossRefGoogle Scholar
Dumenil, Gerard, and Levy, Dominique. “Neo-Liberal Dynamics—Towards a New Paradigm.” In Global Regulation: Managing Crises after the Imperial Turn, edited by Pijl, Kees van der, Assassi, Libby, and Wigan, Duncan, 28–42. New York: Palgrave Macmillan, 2004.Google Scholar
Elmore, Bartow J. “The Commercial Ecology of Scavenger Capitalism: Monsanto, Fossil Fuels, and the Remaking of a Chemical Giant.” Enterprise and Society 19 (March 2018): 153–178.CrossRefGoogle Scholar
Epstein, Gerald A. “Introduction: Financialization and the World Economy.” In Financialization in the World Economy, edited by Epstein, Gerald A., 3–16. Northampton, MA: Edward Elgar Publishing, 2005.Google Scholar
Errera, Steven. “Exchanges and Their Contracts.” In Energy Futures: Trading Opportunities for the 1980s, edited by Treat, John Elting, 3–21. Tulsa, OK: PennWell Books, 1984.Google Scholar
Foreign Affairs and National Defense Division, Economic Division, Environment and Natural Resources Policy Division. “Western Vulnerability to a Disruption of Persian Gulf Oil Supplies: U.S. Interests and Options.” In Congressional Research Service Report 83-24F, March 24. Washington, DC: Library of Congress, 1983.Google Scholar
Friedman, Daniel, Harrison, Glenn W., and Salmon, Jon W.. “The Informational Role of Futures Markets: Some Experimental Evidence.” In Futures Markets: Modelling, Managing and Monitoring Futures Trading , edited by Streit, Manfred E., 124–164. Oxford: Basil Blackwell, 1983.Google Scholar
Friedman, Milton. “The Need for Futures Markets in Currencies.” Cato Journal 31 (Fall 2011): 635–641.Google Scholar
Gately, Dermot. “Lessons from the 1986 Oil Price Collapse.” Brookings Papers on Economic Activity 17, no. 2 (1986): 237–284.CrossRefGoogle Scholar
Garber, Peter M. “The Collapse of the Bretton Woods Fixed Exchange Rate.” In A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, edited by Bordo, Michael D. and Eichengreen, Barry, 461–485. Chicago: University of Chicago Press, 1993.Google Scholar
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Hansen, Per H. “From Finance Capitalism to Financialization: A Cultural and Narrative Perspective on 150 Years of Financial History.” Enterprise and Society 15 (December 2014): 605–642.CrossRefGoogle Scholar
Hayek, Friedrich. “The Use of Knowledge in Society.” American Economic Review 35 no. 4 (September 1945): 519–530.Google Scholar
Hirschfeld, David J. “A Fundamental Overview of the Energy Futures Markets.” Journal of Futures Markets (Spring 1983): 75–100.CrossRefGoogle Scholar
Horowitz, Daniel. “The Energy Crisis and the Quest to Contain Consumption: Daniel Bell, Christopher Lasch, and Robert Bellah.” In The Anxieties of Affluence: Critiques of American Consumer Culture, 1939–1979, 203–224. Amherst: University of Massachusetts Press, 2004.Google Scholar
Hubbert, M. King. “The Energy Resources of the Earth.” Scientific American 225 (September 1971): 60–70.CrossRefGoogle Scholar
Hubbert, M. King. Nuclear Energy and the Fossil Fuels. Houston, TX: Shell Development Company, June 1956.Google Scholar
Jickling, Mark. “Futures Markets and the Price of Oil.” In Congressional Research Service Report 91-324E, April 3. Washington, DC: Library of Congress, 1991.Google Scholar
Lower, Robert C. “The Regulation of Commodity Options.” Duke Law Journal (December 1978): 1095–1145.CrossRefGoogle Scholar
Malm, Andreas. “Who Lit This Fire? Approaching the History of the Fossil Economy.” Critical Historical Studies 3, no. 2 (Fall 2016): 215–248.CrossRefGoogle Scholar
Mirowski, Philip. “Postface: Defining Neoliberalism.” In The Road from Mont Pelerin: The Making of the Neoliberal Though Collective, edited by Mirowski, Philip and Plehwe, Dieter, 417–456. Cambridge, MA: Harvard University Press, 2009.CrossRefGoogle Scholar
Mitchell, Timothy. “Fixing the Economy.” Cultural Studies 12, no. 1 (January 1998): 82–101.CrossRefGoogle Scholar
Lazonick, William. “Innovative Business Models and Varieties of Capitalism: Financialization of the US Corporation.” Business History Review 84 (December 2010): 675–702.CrossRefGoogle Scholar
Peck, Anne E. “The Economic Role of Traditional Commodity Futures Markets.” In Futures Markets: Their Economic Role Vol. 1, edited by Peck, Anne E., 1–81. Washington, DC: American Enterprise Institute for Policy Studies, 1985.Google Scholar
Pindyck, Robert S. “The Dynamics of Commodity Spot and Futures Markets: A Primer.” Energy Journal 22 (2001): 1–29.CrossRefGoogle Scholar
Pollack, Gerald A. “The Economic Consequences of the Energy Crisis.” Foreign Affairs (April 1974): 452–471.CrossRefGoogle Scholar
Seevers, Gary L. “Government Regulation and the Futures Markets.” Western Journal of Agricultural Economics 1, no. 1 (June 1977): 21–27.Google Scholar
Shiller, Robert J. “Narrative Economics.” American Economic Review 107, no. 4 (2017): 967–1004.CrossRefGoogle Scholar
Singer, S. Fred. “World Demand for Oil.” In The Resourceful Earth, edited by Simon, Julian L. and Kahn, Herman, 339–360. New York: Blackwell, 1984.Google Scholar
Treat, John Elting. “Future of Futures.” In Energy Futures: Trading Opportunities for the 1990s, edited by Treat, John Elting, 335–344. Tulsa, OK: Pennwell Publishing Company, 1990.Google Scholar
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