Oil storm clouds image via shutterstock. Reproduced at Resilience.org with permission. Oil prices have fallen by half since late June. This is a significant development for the oil industry and for the global economy, though no one knows exactly how either the industry or the economy will respond in the long run. Since it’s almost the end of the year, perhaps this is a good time to stop and ask: (1) Why is this happening? (2) Who wins and who loses over the short term?, and (3) What will be the impacts on oil production in 2015? 1. Why is this happening? Euan Mearns does a good job of explaining the oil price crash here . Briefly, demand for oil is softening (notably in China, Japan, and Europe) because economic growth is faltering . Meanwhile, the US is importing less petroleum because domestic supplies are increasing—almost entirely due to […]