Australia's massive mineral exports allowed it to weather the global recession, which began in 2008, quite nicely. Recent reports show it may be sitting on untapped oil reserves 80 times larger than the Eagle Ford U.S. shale deposits.
In the past when OPEC’s back has been against the wall, like the late-1990s, energy prices and demand rebounded to save them from the ash heap of history. Yet this time may be different. Why? Because OPEC is not the only game in town!