The price of a barrel of oil dropped below $40. Supply remains high as the industry continues with its internal price war. Demand drops, or doesn’t grow as much as expected, because people are shifting to renewable energies and more sustainable lifestyles. A large effect within the US is the loss of about 35,000 jobs in the oil industry. A large effect outside the US is recession threat and reality within Russia, Venezuela, and Canada. This may be temporary, but it may also prestage the reality of a shift from fossil fuels to a more sustainable economy.
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