The Coming Wave of Oil Refugees
The last great oil bust occurred in the 1980s – and it changed the world, leading to the collapse of the Soviet Union. Today's plunging oil prices are similarly likely to redraw the geopolitical map, as petroleum-rich governments in Africa and the Middle East confront social unrest and Europe faces a new wave of migrants.
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NAIROBI – The idea that oil wealth can be a curse is an old one – and it should need no explaining. Every few decades, energy prices rise to the heavens, kicking off a scramble for new sources of oil. Then supply eventually outpaces demand, and prices suddenly crash to Earth. The harder and more abrupt the fall, the greater the social and geopolitical impact.