The Commodities Fetish? Financialisation and Finance Capital in the US Oil Industry

Abstract This article explores the financialisation of world’s most important commodity, oil. It argues that much literature on commodities tends to adopt a dualistic approach financial markets and physical producers, where non-financial activities are assumed be externally-related counterposed one another. The locates roots this analytical separation in mistaken acceptance fetish character interest-bearing capital ( IBC ) – view exchange loanable sums represents relationship between money-capitalists rather than moment production. Against such dichotomous readings, oil needs understood as part reworking ownership control across commodity circuit, expressed through combined centralisation concentration over money, productive commercial moments. argument is demonstrated an original empirical investigation US industry, including 20 years weekly trading data New York Mercantile Exchange NYMEX detailed study more 160 energy-related firms US. By mapping structural weight connections different capitalist actors involved accumulation sector, we gain better understanding ultimate dynamics (and beneficiaries) carbon economy.