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Low prices mean oil-rich Gulf states could face social problems - Oil expert RT — SophieCo

With the price of oil in free-fall, countries across the globe are beginning to experience budget problems. As the ‘black gold’ becomes cheaper, this threatens the economic and social wellbeing of many nations. The proponents of green energy claim the days of fossil fuel resources are ending, however, OPEC members still refuse to step in and save the falling market. Is there a chance that oil will rebound? And is the renewable energy really a threat to fossil fuels? We ask the President of the World Petroleum Council - Jozsef Toth who is on Sophie&Co today.