The oil shock of 2020 appears to be here – and the pain could be wide and deep
March 15, 2020
(THE CONVERSATION) The world is again undergoing an oil shock.
Prices, already on a downward trend, have collapsed 30% in less than a week, bringing the total fall to nearly 50% since highs in early January. Consumers, of course, can expect gasoline prices to go down, but the story is far more complicated than that.
Having researched energy for decades, I see this as a big deal, not only for the global economy, but for geopolitics, the future of transport and efforts to mitigate climate change, particularly if the world enters into a sustained period of cheap oil.