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Business Daily

Oil's Murky Future

Business Daily

BBC

Business

4.4816 Ratings

🗓️ 11 April 2017

⏱️ 18 minutes

🧾️ Download transcript

Summary

Tensions in the Middle East and protests in Russia are not just caused by internal politics and war but also, some say, the stresses of economic decline as the result of cheap oil. While the price of oil has gone up this week in response to the US military's missile attack on a Syrian government airbase, this uptick is likely, many analysts say, to be short-lived. Some experts now believe the price of oil could remain low forever. That's the view of Dieter Helm, an economics professor at the University of Oxford, who has just written a book, entitled Burn Out. Ed Butler asks Professor Helm to lay out the possible effects of a permanently lower oil price.

Also in the programme, the BBC's Phil Mercer reports from Australia where renewable energy is on the rise. More homeowners are installing solar power battery systems to guarantee that the lights stay on.

(Picture: A Russian LUKOIL oil platform. Credit: MIKHAIL MORDASOV/AFP/Getty Images)

Transcript

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0:00.0

Hello there, I'm Ed Butler and welcome to Business Daily from the BBC.

0:09.3

Coming up, tensions in the Middle East, protests in Russia.

0:13.5

There seems to be war and politics everywhere these days,

0:16.7

but some also say the stresses of economic decline are apparent as a result of cheap oil.

0:23.0

For countries like Saudi Arabia, core Middle Eastern producers and Russia, which are overwhelmingly

0:30.0

dependent on the revenues from fossil fuels, this is pretty disastrous. But some Australians are

0:37.0

celebrating as a result of a shift towards solar power.

0:41.0

We're all more autonomous.

0:42.8

We all can decipher ourselves what we want to buy from the grid and what we want to generate locally.

0:47.5

That's a much, much smarter way of going.

0:49.0

It's much less wasteful.

0:50.6

And ultimately it's going to cost us all less.

0:52.0

That's all coming up in Business Daily from the BBC.

0:58.8

The international political talk this week is of possibly more sanctions against Russia,

1:04.3

this time over its support for the government of President Bashar al-Assad of Syria.

1:09.8

But there has, of late, been another local concern as well for the Russian government.

1:21.1

That's the sound of some of the protests on the streets of Moscow over the last month.

1:26.3

These were one among many demonstrations

1:29.0

that developed over weeks in the country. They were prompted by opposition activist Alexei

1:34.5

Navalny, who last month published a film alleging massive corruption on the part of the Prime

1:40.4

Minister, Dmitri Medvedev, an allegation the Prime Minister denies.

1:45.1

The allegation, though, has struck a court, especially among some younger Russians.

...

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