UT GOV 312L - Oil Prices (5 pages)

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Oil Prices

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Oil Prices


Lecture number:
Lecture Note
University of Texas at Austin
Gov 312l - Issues and Policies in American Government

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GOV 312L 1st Edition Lecture 23 Outline of Current Lecture I TMFPQ II Oil prices III Environmental changes IV Tragedy of the commons V Cap and trade VI Climate change Current Lecture Collapse in oil prices based off of decision in OPEC Domestic revolution in the US TMFPQ Oil at 40 possible as market bc production can the flow the IEA estimates to return 40 in cash per barrel possible since oil has fallen from 12 18 and then in june 19 falling 40 worst year since 2008 when oil peaked Lower oil prices will help Cut production Lower supply this will raise prices This policy of cutting production has been Saudi Kuwait plan of attack Cost of production of shale is higher Saudi Kuwait want to drive US out of business if price of oil heating goods etc will collapse by maybe 60 this means huge transfer of wealth They rely on these oil revenues to maintain peace and stability In long run shale has created a lot of flexibility for the US in terms of FP Shale has become the main of the oil industry other countries are being affected for ex Russian Russian Ruble they ve lost about 20 of their value which has impacted and had spillover effects for the consumers and russian states Russia goes into recession next year for the first time since 2009 their economy goes down increase in travel outside of russia upside it help the russian state who exports the energy outside MEET THE PRESS VIDS moving towards energy dependency 5 year shift causing opec to go into panic we are in the middle of negotiating with iran These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute russia needs well over 100 bucks and iran more in order to recoup global growth is exceeding oil production next vid has changed mentality towards us economy and they see it as us strength thinks that cap and trade generates economic value and is better than carbon tax change in oil prices will change the ease in difficulty

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