Plunging oil prices are hitting three oil-producing countries the hardest: Venezuela, Iran, and Russia. This article looks at each of them and evaluates how they will fare if oil prices do not rise, including their relationships to the U.S.
More than any other nations, these countries used their oils wealth to gain regional influence and "to challenge United States hegemony."
"Now, the (oil) producers are experiencing a reverse oil shock," states oil expert Daniel Yergin. "As revenue went up, government spending went up and expectations of a continuing windfall led to greater and greater ambitions.
But such ambitions are harder to finance when oil is at $74.25 a barrel, its closing price Monday (10/20) in New York, than when it is at $147, its price as recently as three months ago."
Of the three,"Russia was better positioned to weather lower prices than were many other oil and gas producers. The country deposited a significant portion of its oil revenues into two stabilization funds, which totaled $190 billion at the beginning of this month. The Russian budget is pegged to an oil price of roughly $70 a barrel - most revenues exceeding that have gone to these so-called rainy-day funds."
From USA Today: "Falling oil prices pinch OPEC":
The recent plunge in oil prices threatens to trigger unexpected financial headaches for top producing nations, especially Iran and Venezuela.
USA Today: "Gasoline prices tumble despite likely OPEC cuts"
OPEC announced Oct. 19 "that members plan to announce a 'substantial' output cut at an extraordinary meeting that begins Friday (10/24) in Vienna."
FULL STORY: 3 Oil-Rich Countries Face a Reckoning
OPEC Plus Decision to Reduce Oil Output Could Lead to Global Recession
A decision earlier this month by a group of the world's largest oil exporters to drastically reduce oil production to stem the decline in oil prices could be a ‘tipping point’ for a global recession, says the International Energy Agency.
Biden Administration's Energy Hypocrisy Exposed
World Oil, an energy publication, slightly annotated a Bloomberg News article to expose the hypocrisy of the Biden administration: curtailing oil production at home while pushing to increase it abroad.
U.S. on Track to Record Oil Production This Year
The current U.S. record is 10 million barrels per day set in 1970. Last year averaged 9.2 million b/d. Experts believe that record will be reached this spring, if it hasn't already. Can Trump claim credit for the surging production?
Rethinking Redlining
For decades we have blamed 100-year-old maps for the patterns of spatial racial inequity that persist in American cities today. An esteemed researcher says: we’ve got it all wrong.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
California High-Speed Rail's Plan to Right Itself
The railroad's new CEO thinks he can get the project back on track. The stars will need to align this summer.
US Senate Reverses California EV Mandate
The state planned to phase out the sale of gas-powered cars by 2035, a goal some carmakers deemed impossible to meet.
Trump Cuts Decimate Mapping Agency
The National Geodetic Survey maintains and updates critical spatial reference systems used extensively in both the public and private sectors.
Washington Passes First US ‘Shared Streets’ Law
Cities will be allowed to lower speed limits to 10 miles per hour and prioritize pedestrians on certain streets.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Regional Transportation Commission of Southern Nevada
Toledo-Lucas County Plan Commissions