Over the past few decades, crude oil prices have been determined largely by international market participants, especially OPEC. But that was not always the case. In the early twentieth century, pricing power was firmly in the hands of Americans, predominately John D. Rockefeller and Standard Oil.
BIS central bankers’ speeches  13  Appendix Forward guidance practices in the United States and Europe  A. Forward guidance in the United States  The 2003–2004 experience In the United States, the Federal Reserve provided forward guidance in 2003–2004, when the economic recovery was weak and unemployment remained high.