Daniel Yergin writes in The Wall Street Journal about global oil markets.
- While conflict in the Middle East usually leads to higher oil prices, the opposite has happened in the wake of Hamas’ brutal attack on Israel.
- One reason for this is that the United States has become the largest oil and gas producer in the world and supply is now easily meeting demand.
- Another reason for this is that the politics of oil have changed and the Arab Gulf countries want to be thorougly integrated into the global economy.
Read the full article here.