From our studios in new york, this is charlie rose. We begin tonight with global oil. Oil prices have plunged to their lowest level in five years. Earlier today, crude oil fell below 65 a barrel. Opecs decision last week to not cut output continues to shake market through the weekend. New data also confirmed a slowdown in Manufacturing Activity in europe and china. Joining me now from washington, Daniel Yergin is a leading Energy Scholar and author of the quest energy, security, and the remaking of the modern world. Dan, thank you for doing this. What is going on . What is going on is a redefinition of the world oil market, where the most important thing that is happening has been this extraordinary growth in u. S. Oil production and output, combined with what you just described, which is a weakening of the world economy, which has become apparent in the last few months. Out of the blue, libya was suddenly putting quadruple the amount on the market. All those things together finally to
From our studios in new york, this is charlie rose. We begin tonight with global oil. Oil prices have plunged to their lowest level in five years. Earlier today, crude oil fell below 65 a barrel. Decision last week to not cut output continue to shake market through the weekend. New data also confirmed a slowdown in Manufacturing Activity in europe and china. Yergin is a leading Energy Scholar and author of the quest. Dan, thank you for doing this. What is going on . A what is going on is redefinition of the world oil market, where the most important thing that is happening has been this extraordinary growth in u. S. Oil production and output, combined with what you just described, which is a weakening of the world economy, which has become apparent in the last few months. Wasof the blue, lydia suddenly putting quadruple the amount on the market. All those things together finally toppled oil from this lofty price of 100 a barrel. Where is it going . That is a probably 64 trillion questi
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