Rethinking the Oil Market
Oil prices have plummeted by two-thirds from their peak in June 2014, and there is now intense debate over why. Some factors behind the drop are temporary, but others are structural, making today's price dynamics different from previous episodes.
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WASHINGTON, DC – Oil prices have plummeted by about 65% from their peak in June 2014 (see chart below), and there is now intense debate about why. One thing we know for sure is that the oil market has undergone structural changes, thus making this latest episode different from previous dramatic price fluctuations.