Petro Countries on the Brink of Collapse as Oil Prices Remain at Ruinously Low Levels | Alternet

Petro Countries on the Brink of Collapse as Oil Prices Remain at Ruinously Low Levels | Alternet

 

Petro Countries on the Brink of Collapse as Oil Prices Remain at Ruinously Low Levels

With a busted business model, oil economies head for the unknown.

By Michael Klare
/ TomDispatch

 

KERN COUNTY, CALIFORNIA -
NOVEMBER 26, 2013: Pumpjacks extract oil from an oilfield in Kern
County, CA. About 15 billion barrels of oil could be extracted using
hydraulic fracturing in California.

Photo Credit: Christopher Halloran / Shutterstock.com