Forty-six years after the debut of Sesame Street, and crude has tried to hold on to a positive attitude (think: Big Bird), but is ending up more like Oscar the Grouch. And it can be excused for this grumpy disposition, given another round of poor overnight economic data, combined with a bout of dollar strength. […]
If the cost of crude remains near $50 a barrel until the end of the decade, cheaper conventional fuels would hold back the development of electric cars and biofuels that are helping curb carbon emissions, IEA said.
If crude prices don’t bounce back by the end of the decade, an era of cheap oil could consolidate more oil-market power into the hands of a few low-cost producers in the Middle East – raising concerns about energy security for oil-importing nations, the IEA says.
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