A pressing question lies in determining what effects considerable cuts in the price of oil, the glut in oil supplies, and the remarkable growth of the U.S. oil industry, has and will have on international politics as well as on the global economy.  Almost certainly, the United States and Western countries will benefit both politically and economically, while most of the members of OPEC, and countries including Russia, Iran, and the Islamic State of Iraq, and Syria, will be hurt. More broadly, there will be a global economic benefit as lower energy costs will help both producers and consumers. It has come as an unexpected surprise that the price of crude oil, $85 in November 2014, is far lower than it was a few weeks ago. Uncertainty over the future price will probably be ended by decisions of the 12-member OPEC meeting in Vienna on November 27, 2014 on the levels of production and price. OPEC controls about 40% of global oil output. It faces a dilemma. Cuts in...(Read Full Article)