Starting in mid-2014, the price of oil fell nearly 70 per cent in 20 months, from $115 a barrel in June, to under $35 at the end of February 2016. What does the price of oil mean and does it have any relation to the state of the wider global economy?

Bob McNally, President, The Rapidan Group; Special Assistant to the President on the National Economic Council (2001-03); Senior Director for International Energy, National Security Council (2003); Author, Crude Volatility: The History and the Future of Boom-Bust Oil Prices

00:40:02

Overview

Starting in mid-2014, the price of oil fell nearly 70 per cent in 20 months, from $115 a barrel in June, to under $35 at the end of February 2016. This collapse was widely reported in the media and used by many commentators to forecast dire economic consequences. But what does the price of oil mean and does it have any relation to the state of the wider global economy?

More information at Chatham House Primer: The Price of Oil