Oil Prices to Continue to Fall
Via the BBC: Oil prices likely to fall further, says IEA
The IEA, a consultancy to 29 countries, said weak demand and the US shale gas boom meant crude’s recent fall below $80 a barrel was not over.
On Friday, Brent crude, one of the major price benchmarks, traded at $78.13 a barrel, near a four-year low.
“It is increasingly clear that we have begun a new chapter in the history of the oil markets,” the IEA said.
“Barring any new supply problems, downward price pressures could build further in the first half of 2015.”
Good thing we elected President Gingrich! (Indeed, I paid $2.50-something this afternoon for gas).
In all seriousness, I am curious as to what falling prices will mean to countries where political power is linked to petroleum (e.g., Venezuela and Russia) and why global demand has waned.