CRF Blog

How Cheaper Oil Is Shaping the World

by Bill Hayes

The New York Times’ Room for Debate lets various knowledgeable contributors discuss news events and other timely issues. One recent debate covered: How Cheaper Oil Is Shaping the World.

The price of crude oil has plunged to a five-year low — falling almost in half since June alone. So far the drop has been a boon for consumers, but oil-producing countries are feeling the pressure. In Russia, a previously emboldened Vladimir Putin is facing the prospect of economic collapse. Venezuela might have to reduce oil subsidies and aid to Cuba, which is opening relations with the United States as its vital ally teeters.

Will lower prices further destabilize the world? As the U.S. increases production, will oil-producing states suffer? And lastly, what will it mean for our efforts to fight climate change? [more]