I start (and started) from the premise that the dramatic decline in crude oil prices that took place from August, 2014 ($ 96 / barrel), to March, 2015 ($ 44 / barrel), was due — on the one hand — to decreased demand, a function of slow economic growth in Asia, Europe, and elsewhere, endogenous, price - driven technological change leading to greater fuel
efficiency, and policy - driven technological change that also has been leading to greater fuel
efficiency, such as more stringent Corporate Average Fuel Economy (CAFE)
standards in the United States; and — on the other hand — was due to increased supply, partly a function of the growth of unconventional (
tight) U.S. oil production (a product of the combination of two technologies — horizontal drilling and hydraulic fracturing).
Public awareness seems to be increasing, and there are a lot of good things happening at the executive level:
tighter fuel -
efficiency standards, the carbon - pricing initiatives by the New England and West Coast states, the recent agreement between the U. S. and China on emissions.