Why low oil prices are good:
1. When oil prices were low 1981-2000, the world went through the third wave of democratization. Low oil prices breed democracy.
1. When oil prices were low 1981-2000, the world went through the third wave of democratization. Low oil prices breed democracy.
2. The 7 rich authoritarian states are 6 oil states (Russia, Gulf, Brunei) & the small outlier Singapore. Concentrated oil incomes breed authoritarianism.
3. When oil prices fall, fragile authoritarian kleptocracies may collapse: Venezuela, Iran, Iraq, and Russia. That is good both for peace and democracy.
4. Oil states spend vast amounts on armaments & war. If oil price lower, would the wars in Syria, Yemen & Libya continue? Perhaps not. Saudi Arabia, Iran & Russia would have less resources to use for foreign wars.
5. In the US, the oil billionaires are overwhelmingly republican. If they go bankrupt, the US is likely to change its climate policy (although oil would be cheaper to burn).
Thus, let us hope for two new decades of low energy prices!
Thus, let us hope for two new decades of low energy prices!
6. Obviously the US Congress MUST NOT bail out big oil. The richest & most harmful should not receive public funding. Public funds should go to people, not to corporations. It is people who should be shielded, not obsolete enterprises.
