In this commentary piece, Bob McNally, a Fellow at the Center on Global Energy Policy and Founder and President of The Rapidan Group, explains how OPEC abdicated the role of market manager over ten years ago--not just in the last year--and that we have already seen the results in a boom (2004–2008) and two busts (2008, 2014–2015) in oil prices. Given oil’s vital role in the global economy, financial markets, and policymaking, coping with elevated price volatility will require the sustained and smart attention of business and government leaders.

Download and read the full commenatry here (PDF).