NEW HAVEN: Oil shocks four decades ago transformed the world economy and geopolitical landscape, and the latest oil crisis threatens to do the same. The price of oil hovered near $100 per barrel during the past three years, and the recent vertiginous fall in price to near $50 per barrel has sent markets reeling. Ali al-Naimi, oil minister of Saudi Arabia, considered the industry’s most powerful decision maker, said oil could fall to $20 a barrel.

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