A shot heard round the world
Last November 27, OPEC sparked the decline in crude oil prices that would see both international benchmark Brent crude, and U.S. benchmark WTI crude, lose more than 50% of their value. The group decided to move away from its traditional role of maintaining a reasonable crude oil price in order to protect its market share around the world in the face of higher production from hydraulic fracturing in the United States.

The OPEC decision, which the group finalized on Thanksgiving Day 2014, fundamentally changed the...

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