Oil Prices Get Lower

Mr Putin, Leader of the Russian Federation has suggested that the fall in oil prices is due to American shale gas production. I doubt whether this is the sole factor, and no doubt Mr Putin would acknowledge other factors, such as the Islamic State of Iraq and Syria selling oil for only $30 a barrel and increased production in Libya, but as Mr Putin points out, if oil prices fall to less than $80 a barrel most shale gas production is uneconomic. Continue reading