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Oil: we have entered a new world and there is no way back

The real story is not the US but the global price. If it stays this low, world geopolitics could be rewritten

By Michael Grubb  

Lev Fedoseyev/Tass/PA Images

Oil—aka Black Gold, the lifeblood of the global economy, or simply The Prize—is in deep trouble. Like something from Alice in Wonderland, the last few weeks have seen supposedly impossible events. The US president intervened with Russia and Saudi Arabia to try and force prices up. Despite the biggest production cutbacks in history, the price of the US benchmark oil went negative earlier this week. That bizarre spectacle reflected the peculiarities of US contracts and storage infrastructure. The…

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