How
oil's become the world's most potent weapon: Forget nuclear arms. The U.S. and
Saudis are behind an oil price crash that could topple regimes in Russia and
Iran
1.
Price
of oil has fallen dramatically - down by nearly half in six months
2.
The
collapse in price means it is cheaper to fill up your car at the pumps
3.
But
has sparked fiscal crisis that threatens to shift global power balance
4.
U.S.
and Saudi Arabia are using market slump to wreak havoc on enemies
5.
While
Russia - which depends on a bouyant price - is on the edge of crisis
6.
Most
pressing issue for Britain is the fate of oil industry in North Sea basin
From
Russia to America, and from Scotland to the Middle East, the dramatic fall in
the price of oil — down by nearly half in six months — has sparked an economic
crisis that threatens to shift the global balance of power in dramatic fashion.
As
Russia teeters on the edge of crisis, America and Saudi Arabia are using the
depressed oil market to wreak havoc on enemies such as Iran. The repercussions
are being felt closer to home, too, with the North Sea oil industry described
as being close to collapse.
The
good news is that it’s cheaper to fill up your car at the pumps, but what does
it mean for Britain’s national security?
Here,
the Economist magazine’s Energy Editor EDWARD LUCAS offers a simple guide to
these deeply turbulent times.
