Global oil prices are falling drastically, and a new World Bank study says they may remain low for a year or more. Lower energy costs can often help boost economic growth. Low prices might also increase political tensions and hurt investments in key energy sectors.
The oil market is seeing a production surge from the United States as new techniques dramatically increase oil output, according to La Salle University economic and political expert Edward Turzanski, who spoke via Skype.
“Transforming the world energy market and also playing a consequential role in geopolitics, ” said Turzanski.
Reduced demand
That transformation comes as economists say slowing …read more
Source: Voice of America
