Economics
The Era of Expensive Oil Is Here to Stay
Even as prices drop to a three-month low, the world is still struggling to produce all the oil it needs—and the impact on global economics and politics will be profound.
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On July 6 the global benchmark for oil slid below $100 a barrel for the first time since April, raising the hopes of politicians, business owners, and drivers around the world that the days of high fuel prices were coming to an end.
We’re not there yet.