Supply options are far wider today than in previous oil price declines, and this time, consumers are saving and paying debt, not spending fuel savings on other consumption.
The Conference Board Chief Economist Bart Van Ark discusses the impact of falling oil prices on global stability. Here is a direct video link.
As the status quo perversely festers on how to get oil prices higher once more, drought and shortages in the world’s most vital commodity-potable water–continue to spread largely ignored. See: A Long Drought on a Long River as the mighty Rio Grande slows to a trickle. Also see California’s water woes are priceless.