The possibility that the use of fossil fuels will one day be restricted creates a powerful incentive for oil producers to sell as much as they can before the limitations take effect. This logic might be behind Saudi Arabia’s response to plummeting oil prices: rejecting calls by OPEC to cut production.
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Oil Is Still heading to $10 a Barrel
[T]he world continues to be awash in crude, and American frackers have replaced the Organization of Petroleum Exporting Countries as the world’s swing producers. The once-feared oil cartel is, to my mind, pretty much finished as an effective price enforcer.