Delving into a history of conflict, intrigue, and extreme uncertainty, Robert McNally describes how, from the earliest years of the oil industry, rampant and destructive price volatility forced oil executives and industry officials to make extraordinary efforts to stabilize oil prices by controlling production. Massive market interventions, first by Rockefeller's Standard Oil, then by government regulators in cooperation with the majors, and finally by OPEC, helped tame the beast, with varying degrees of success. McNally, a leading expert on oil and oil policy, explains the consequences of OPEC's weakening influence, dispelling myths, offering recommendations, and pointing out mistakes to avoid as we face an unwelcome return to oil price booms and busts.