The oil pricequake – Michael Klare in Le Monde diplomatique – English edition

…. keep in mind that the tremors from the oil pricequake have undoubtedly yet to reach their full magnitude. Prices will, of course, rise someday. That’s inevitable, given the way investors are pulling the plug on energy projects globally. Still, on a planet heading for a green energy revolution, there’s no assurance that they will ever reach the $100-plus levels that were once taken for granted. Whatever happens to oil and the countries that produce it, the global political order that once rested on oil’s soaring price is doomed. While this may mean hardship for some, especially the citizens of export-dependent states like Russia and Venezuela, it could help smooth the transition to a world powered by renewable forms of energy.

Source: The oil pricequake – Le Monde diplomatique – English edition

Author: Makere

A Maori/Scots New Zealander transplanted to Canada. Grandmother, academic, indigenous scholar, sometime singer, sometime activist, who cares passionately about our world.