Crude prices are at their lowest levels since 2003. Fifteen experts tell us what that means for the United States and the rest of the world.
Politico -For months, American drivers have been greeted at gas stations with a pleasant surprise: Gas prices have fallen by half, dropping an average of more than $2 a gallon since their most recent peak in 2011. President Barack Obama took a moment to bask in the credit last week in his State of the Union speech: “Gas under two bucks a gallon ain’t bad,” he said.Or maybe it is. Behind that drop is an even bigger collapse in the price of oil, from more than $100 a barrel in 2014 to under $27 this week. On Tuesday, the Dow fell 250 points amid fears about what will happen if the price of oil continues its slump, which will have effects far beyond consumers, beyond even the global market.
Oil prices drive not just economics, but geopolitics. Alliances rise and fall over petroleum. Expensive oil props up governments in Russia and Iran, provides stability in Middle Eastern countries and also offers a revenue stream to extremist groups in Nigeria and Iraq. Domestically, high-priced oil spurs innovation in alternative energy; it has also driven America’s shale boom. For all these reasons and more, the collapsing value of oil will have profound consequences around the world, with the potential to destabilize regimes, remake regions and alter the global economy in lasting and unforeseen ways. Tiếp tục đọc “The Hidden Consequences of the Oil Crash”