The Corner | For the second time this month, oil prices dropped below 60 $ per barrel. Growth concerns and a bearish market mood drove the latest sell-off, but fundamentals are now adding to the price pressure. US oil inventories swelled unexpectedly and led to a drop in oil prices.
Global oil demand in 2015 is set to grow at the fastest pace in 5 years, underpinned by the economic recovery and low oil prices.
What does the shale revolution mean for European energy security? An increase in localized production would shift dependence and decrease the exorbitant prices that European consumers pay for energy. Currently, electricity costs in Europe are roughly triple American prices and double Japanese prices.