What Are The Consequences Of Cheap Oil?
The Inquiry
BBC
4.6 • 1.7K Ratings
🗓️ 23 December 2014
⏱️ 24 minutes
🧾️ Download transcript
Summary
In the last six months the price of oil has collapsed dramatically. It has been called an oil shock. Previous oil shocks have had profound and long-lasting effects. No single commodity is more important to the global economy – and therefore to global politics. What are the political consequences of cheap oil? Contributors include an ex-president of Shell Oil, a former US energy secretary and one of the world’s leading thinkers on the subject.
(Image: Oil rig in the North Sea. Credit: Press Association)
Transcript
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| 0:29.3 | Hi thanks for downloading the inquiry here on the BBC World Service. |
| 0:34.0 | A weekly program, our job is to add in-depth analysis to one big question from the news. |
| 0:40.0 | We hope you like it. |
| 0:42.0 | BBC World Service. |
| 0:45.0 | This is Neil Riselle with the inquiry. |
| 0:47.0 | This week with the price of oil hitting a five-year low, we ask, what are the consequences of cheap oil? |
| 1:01.0 | On the 11th of June, Abdullah Sala Salam al-Baderi, the OPEC Secretary General, emerged from the |
| 1:09.4 | Oil Cartel's regular meeting in Vienna a happy man. |
| 1:13.0 | We have a very comfortable price. |
| 1:17.0 | A very comfortable price. |
| 1:19.0 | Oil was selling for over $100 a barrel. |
| 1:23.0 | And the market is very stable. |
| 1:26.0 | Better than stable. |
| 1:28.0 | The price had been rising steadily since the beginning of the year. |
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