As Oil Prices Tank, New Era Dawns: From Scarcity to Abundance

As Oil Prices Tank, New Era Dawns: From Scarcity to Abundance

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“As oil production swells, demand falters and prices slide, the global oil market appears on the verge of a pivotal shift from an era of scarcity to one of abundance,” Reuters reports.

“Oil prices have fallen as much as 20 percent since June, despite a host of rising supply risks.”

“The implications of such a shift would likely accelerate shifts in the global balance of power, with consumer nations such as the United States becoming less dependent on producers like Russia or Iran.”

[Editor’s note: Renewable energy sources are still the wave of the future and increased investment needs to continue, but lower gas prices will help low-income families in their quest for a better life, which is another reason to see this as a positive development.]

(READ the Reuters story via Yahoo News)

 

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