Oil Prices: The Biggest Global Issue of 2015?

As of early February 2015, oil prices are around $50/barrel. Have prices hit bottom? Some analysts say prices might go all the way down to $20/barrel. Others say prices will rise to around $60/barrel by the end of this year. It seems nobody really knows. Experts seem to agree that a return to a price of $100/barrel is unlikely. There are factors upon factors that are influencing the roller coaster price rise and fall. Demand slacks, production decreases, discounting takes places, stocks are abundant. It is easy to consider watching the price fluctuation as observing capitalism in real time. Factored in to the oil price equation are the economies of countries like Russia, Indonesia, Iran and Venezuela. Low prices can have a deep impact on their economies. And Japan? Prices of heating oil and gasoline at the pump are down. But how long will this last? Is the fluctuating price of oil just an example of capitalism in real time as suggested, or is the price of oil potentially one of the biggest crises that will occur in 2015? Please log in and give us your opinion.

Photo: iiP via flickr