by Sean Field and Mette M. High
When West Texas Intermediate (WTI) crude oil plummeted to a closing price of –US $37.63 on 20 April 2020, the spot price of Brent crude oil only fell to US $17.36. This striking price difference between these two rival crude oil benchmarks highlights important dynamics that pertain to not only the supply and demand of oil, but also the social construction of futures markets.
In Mexico, the energy transition is the subject of an increasingly heated debate. Despite the president’s vow to de-privatise the energy industry and foster renewables, grassroots activists are questioning the government’s new course; they deem its energy policies as unjust and unequal, aimed at favouring the economic interests of private companies instead of addressing the needs of the people, and claim for alternative energy transitions.