ENERGY The politics of falling oil prices*

After years of high oil prices driven by scarcity of oil and fears that oil is running out, the price of crude oil has fallen from about $US115 to less than $US70 a barrel over the past six months, causing a dramatic and welcome fall in the price of petrol at the bowser. Crude oil prices: 1994-2014 What is going on? The crude oil price is basically driven by supply and demand. For decades, the environmental movement has been insisting that fossil fuels, a non-renewable resource, are run…

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