The current low oil price is not just down to geology but also economics. Over what is nearly a year this blog has put forward a number of theories as to why the oil price has fallen. The latest oil price falls suggest that economics is playing its part as much as extra production or other reasons suggested for the continuing low oil price. The Euro crisis and the more importantly the slow down in China in the last few days have forced the oil price down as well as prices of other commodities lower. How long this will continue is anybodies guess. The effects are mixed, bad for for alternatives to traditional sources of energy such as nuclear, fracking and renewables. Good for food prices. Bad for climate change. Luckily renewable energy looks unstoppable with its price falling rapidly.