Stranded wealth: rethinking the politics of oil in an age of abundance

Oil is the world's most traded commodity and the global economy's single most important energy source, so any significant change in its price can have far-reaching economic consequences. Large swings in the price of oil typically also have major knock-on effects on international relations because petroleum plays a pivotal role in shaping global and domestic politics. 1 Oil prices tend to generate headlines only when they go up, but downward movements can be just as significant in their effects.