Still, it is not as if American shale will suddenly go into decline. Oil production across the U.S. continues to rise. In the first full week of January, oil production ticked up by an additional 60,000 barrels per day.
The global economy is condemning old analogue states such as South Australia to a future of high unemployment, falling revenue and economic stagnation.
Many believe we now only have tariffs on cars and clothing. In fact, we impose tariffs on nearly all categories of imported products, in an absurd and scattergun way.
Older Australians are wealthy and getting wealthier, while the young are going backwards.
As household debt has boomed exponentially over the last two decades, the savings of the household sector has plunged.
Low oil prices today may be setting the world up for an oil shortage as early as 2016. Today we have just 2% more crude oil supply than demand.
Once, keeping everything the same made people feel comfortable. Now we've become the disruption generation, accommodating disruption in deeply personal ways.
The explanation, while difficult to prove, may revolve around control of oil and gas in the Middle East and the weakening of Russia, Iran and Syria by flooding the market with cheap oil.
When state action assists the poor it is trenchantly attacked by our erstwhile neoliberals but when aiding the rich it is quietly left aside if not readily applauded.
Police data suggest that a surprisingly large number of vehicles on the roads are unregistered. The Commonwealth and States need to think about how this problem should be addressed.
Commonwealth governments should look again at income tax sharing arrangements.
It is not just the West that views the Middle East through the lens of oil, neighbours like India share this fault as well.