04.12.2014 - The global politics of falling oil prices
After years of high oil prices driven by scarcity and fears that oil is running out, the price of crude oil has fallen from about $US115 to less than $US70 a barrel over the past six months, causing a dramatic and welcome fall in the price of petrol at the bowser. What is going on? Like other commodities, the crude oil price is basically driven by supply and demand. For decades, the environmental movement has been insisting that non-renewable fossil fuels are running out, that we have passed "Peak Oil" (when global crude oil production passes its upper limit), and that the world is on the brink of acute shortages, if not the end of the petroleum era...............................................Full Article: Source
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