End of Petroleum-Centric World? Falling Oil Prices to Shake Up World Order

Thursday, January 14, 2016
By Paul Martin

SputnikNews.com
14.01.2016

Plummeting oil prices may challenge the established geopolitical status-quo and even result in war and turmoil, experts warn. Will the petroleum-centric world of the past half-century be restored again soon?

The current slump in oil prices has affected giant oil corporations and the ancillary businesses; it also threatens to undermine economies of major energy-producing countries resulting in a “profound shake up” in the political order, according to Michael T. Klare, a Professor of peace and world security studies at Hampshire College (Massachusetts, United States).

The American academic feels that the continuing depression in oil prices may stretch into the 2020s and beyond.

“Generally speaking, oil prices go up when the global economy is robust, world demand is rising, suppliers are pumping at maximum levels, and little stored or surplus capacity is on hand. They tend to fall when, as now, the global economy is stagnant or slipping, energy demand is tepid, key suppliers fail to rein in production in consonance with falling demand, surplus oil builds up, and future supplies appear assured,” the American academic explains in his article for TomDispatch.com.

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