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Oil prices have had considerable surges and bursts since the first oil crisis of 1973. Until then its price was stable, with almost zero volatility. Since then, apart from the two oil crises of 1973 and 1978/9, oil prices had consecutive bubble episodes like the surges up to 2008 and 2014 and their successive bursts, respectively. The trace of these bubble periods is of crucial importance for policymakers, since their drivers and consequences impact global economic developments. Phillips et al. and Phillips et al. methodologies are applied to detect whether West Texas Intermediate prices experienced bubble periods. Both methodologies suggest that WTI prices experienced explosive episodes, which could be fundamentally, speculatively, or politically attributed. Some suggested periods coincide for both methods, but the second methodology seems to be more sensitive than its predecessor is, leading to better bubble detection but also to identification of non-existent bubbles. The identified bubble periods are compared to relevant research in the literature concerning their presence, duration, and explosiveness. The main goal of the research, apart from the detection of bubbles’ presence and duration, is to identify the causal underlying reasons for each explosive episode. Further, we compare the start and endpoints of each bubble episode with time-points when structural changes occurred. The contribution of the paper is that it clearly defines the bubble episodes with their corresponding drivers. The paper identifies the importance of market fundamentals’ swifts in explaining the bubble periods. The findings of the papers can help policymakers and other stakeholders to monitor oil price shifts and their underlying reasons, and then proceed with prompt actions. Since bubble episodes are fundamentally explained, then the practical utility is that by focusing on the market fundamentals, stakeholders can avoid actions that could result in market failures. Full article

Background: Township cadres, considered as basic executors of state policy, play an important role in Chinese society. Their job satisfaction is a vital issue for township management, but there are few studies on this topic in China. The goal of this study is to analyze the relationship between occupational stress and job satisfaction, and to further examine whether psychological capital (PsyCap) can serve as a mediator between stress and job satisfaction in Chinese township cadres. Methods: A cross-sectional survey was carried out during the period of from October 2015 to January 2016 in Liaoning Province of China. The questionnaires, which consisted of an effort-reward imbalance scale, Minnesota Satisfaction Questionnaire (MSQ) for job satisfaction, and the psychological capital questionnaire (PCQ-24), as well as questions about demographic characteristics, were distributed to 1800 township cadres and complete responses were received from 1525 participants. Structural equation modeling was used to examine the role that psychological capital played in mediating between occupational stress and job satisfaction. Results: In the present study, effort-reward ratio (ERR= 11 × effort/6 × reward) was negatively associated with job satisfaction (r = −0.372, p < 0.001), whereas psychological capital was positively associated with job satisfaction in township cadres (r = 0.587, p < 0.001) from a specific province in China. Psychological capital is a mediator between the association of job stress and job satisfaction. Conclusions: Psychological capital partially mediated the relationship between job stress and job satisfaction among Chinese township cadres. Interventions to improve Chinese township cadres’ job satisfaction should be developed in the future, especially the enhancement of PsyCap. Interventions need to be verified in further cohort studies. At present, we are only proposing a theoretical model. Intervention effects need to be validated in further cohort studies. Full article