At the glimpse, arguing that renewable energy and the advance of technology in the long run will drop oil price is a hypothesis of a no-brainer, which is not the exhibition of this article. Let's assume for 15 minutes only that technology is irrelevant to the oil price, would oil price reach $85.00 again? (WTI Crude Oil is considered)
Recently, one of the most powerful players to the oil price crash has emerged, "the American tight oil". The American drillers swung back on the treasure under their soil before thinking of going overseas. That happened particularly when it became evident that Obama's administration is backing the policy of non-reliance on importing oil especially from the Middle East, notwithstanding that the production cost is commercially despairing compared to the Middle East oil.
Read 22757 times