History made the industry aware of price fluctuation risks

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Reference no: EM132083758

“The 1973 Arab oil embargo is a good example of an unknown-unknown. Cost estimates which were prepared prior to the embargo contained no provisions for increased fuel costs—no estimator could have possibly been expected to foresee that problem.”

In 2014, a second oil bust occurred where oil prices dropped from $114 dollars per barrel to $26. Please discuss what steps could have been taken to avoid this bust considering history made the industry aware of price fluctuation risks. You can discuss fracking, offshore drilling, or any other related oil topic you desire.

Reference no: EM132083758

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