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Columbia Energy Exchange

Why This Oil Crash is Different

The global oil market is in free fall, following the collapse of a meeting last week of OPEC and non-OPEC producers. Saudi Arabia decided to surge its output, sending oil prices tumbling. This historic oil price crash is weighing on stock markets already reeling from the economic effects of the coronavirus pandemic. Low oil prices raise questions about the future of U.S. shale production, OPEC’s credibility and effectiveness, the geopolitical motivations and the fallout for Saudi Arabia and Russia, the fiscal impacts on key oil-producing countries, the implications for the battle against climate change, and much more.

In this edition of Columbia Energy Exchange, Jason Bordoff is joined by three experts who study energy markets, geopolitics, and policy to delve into these complex issues: Helima Croft, Amy Myers Jaffe, and Bob McNally.

Helima Croft is a Managing Director and the Head of Global Commodity Strategy and Middle East and North Africa (MENA) Research at RBC Capital Markets. She is a CNBC contributor, she started her career at the CIA after earning her PhD from Princeton University.

Amy Myers Jaffe is the David M. Rubenstein Senior Fellow for Energy and the Environment and Director of the Program on Energy Security and Climate Change at the Council on Foreign Relations. Amy previously served as Executive Director for Energy and Sustainability at the University of California, Davis, as Founding Director of The Energy Forum at Rice University’s Baker Institute, and she is also the Co-Chair of the Center on Global Energy Policy’s Women in Energy Steering Committee.

Bob McNally is a Non-Resident Fellow at the Center on Global Energy Policy, and Founder and President of The Rapidan Energy Group, a consulting firm based in Washington DC. From 2001 to 2003, Bob served as the top international and domestic energy adviser on the White House staff, holding the posts of Special Assistant to the President on the National Economic Council and, in 2003, Senior Director for International Energy on the staff of the National Security Council. He is also the author of Crude Volatility, a history of oil markets and efforts to manage them, published through the Center on Global Energy Policy’s book series with the Columbia University Press.

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