Last July oil prices reached $123 a barrel as Russia tried to use its energy as a financial weapon against Europe. It didn't work. Prices are now around $75 and the Russians are selling at below cost to India and China in a post-sanctions world.

But we won't be in a post-carbon world for another few decades yet and so energy will continue to be central to the functioning of the world economy.

Robert Maxwell an energy analyst with DNV consultants joined Joe this morning on the show.