Global Currents speaks with Andy Hall, President and CEO of Phibro, Inc., the commodity trading arm of Citigroup. Hall suggests there is no magic bullet that will reduce current American dependence on oil, but that a combination of innovation and exploration for new sources of energy is needed as the market shifts from a “buyers market” to one that now favors sellers. Hall also notes that as oil production in developed countries continues to decline, there will be greater reliance — and competition — for resources from undemocratic and sometimes unstable regimes.

Listen to the interview