Brent crude prices have fallen from $115 per barrel to below $80 this past month, with further declines on the horizon. Saudi Arabia has indicated it does not intend to give up market share by reducing production to support prices. Russia has announced it is prepared for an elongated oil price slump. Response from the U.S. is mixed; some are voicing concerns that lower prices will end our march toward energy independence and others are expecting a net positive impact because of minimal impact on shale production combined with a boost to the economy. How will the power sector respond?
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