The plunge in oil prices that began in mid-2014 has been relentless. It has pushed a clutch of oil-exporting nations into deficit spending, hobbled Russia’s ambitions, and altered the calculus behind Iran’s nuclear program. It has also given an opportune boost to the U.S. economy and other petroleum-consuming countries. No other force on earth packs such latent capacity to move events. Apart from one, that is: batteries.
When it comes to energy, new technologies can upend the status quo almost overnight, surprising everyone. And just as the shale revolution, unleashed by fracking, has largely triggered the current
Source URL: https://www.foreignaffairs.com/articles/united-states/2015-03-01/battery-powered