The oil price plunge since last June has been deemed, overall, as a boon for the global economy. However, that depends on where one stands as a producer or user, as illustrated here with the divergence of impacts on BRICS economies.
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With the announcement that Obama vetoed the Keystone Pipeline XL, there was a great deal of moaning in the energy industry. However, when you look at the simple economics, it is obvious there was also a collective sigh of relief.
Changes in oil prices and the devaluation of the Naira have had a significant impact on the Nigerian economy. With a 70 percent dependency on crude oil for external revenue, the drop in world oil prices is now affecting the Nigerian business space.
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These last years have been a grizzly tale of the expansion of American oil and natural gas exploration, and drilling from the fracking fields of Texas and North Dakota to the energy-rich Gulf of Mexico.
Alberta tar sands oil and North Dakota light shale oil flows into the same markets, have access to the same refineries, and rely on the same pipelines and railroads to get them to the same customers. So it was never terribly plausible that Keystone would be good for the U.S. -- it was designed to make Canadian oil more competitive in global markets.
The major oil company Royal Dutch Shell wants to drill in the Chukchi Sea this summer and that could, in the long term, spell doom for one of the last great, relatively untouched oceanic environments on the planet.
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How deep is the hole the oil industry is currently stuck inside? To figure that out, you only need to look as far back as last week, which saw another two trainloads full of oil derail and storage numbers that put U.S. crude stocks at record highs
The lower cost in global fuel prices can provide a unique avenue for countries to carry out energy subsidy reforms and develop energy efficiency programs with a much smaller negative effects on the population than otherwise.
I truly hope Obama ignores the noise and pushes the EPA to set a strong standard that will adequately protect public health based on the science, which is what the Clean Air Act requires.
The veto is just step one. Now, President Obama needs to move forward and reject Keystone XL once and for all. Pipeline opponents will be working even harder in this home stretch to make sure the [resident follows through and issues a real rejection.
Attempting to make good on its "all of the above" energy strategy, the Obama administration recently floated proposals for oil development that have infuriated members of Congress on both coasts, but for very different reasons.
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While Muslim-dominated countries like Iran harbor contempt for Israel -- the reason Netanyahu is speaking to Congress -- Azerbaijan could not be more different. As one publication recently pointed out, "What started as a marriage of convenience has netted Israel its closest Muslim ally."