Gas Price Crisis Overshadows A Crisis In Oil Prices

There has been so much media space dedicated to the gas supply troubles of the European Union and the associated spillover effect for developing economies that another fossil fuel problem has remained relatively unnoticed: oil prices. Oil prices have been on a general decline over the past couple of months, shedding about 30 percent from the peaks reached earlier this year, pressured by expectations of a global economic slowdown. The slowdown itself has a close causal link with energy prices, more specifically, oil and gas prices. And speaking…