Saudi Arabia admits defeat

Saudi Arabia’s ability to set the price of oil, and OPEC’s power in general, is seriously impaired. The oil price is going back up over the next year or so, though probably not beyond $70 or $80 a barrel. And that is really a good thing, because we need a higher oil price to drive the shift out of carbon fuels and into renewables.

PUBLISHED :Monday, Oct. 10, 2016 12:00 AM

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