How the world is being transformed by oil: how the US oil boom is changing the world

Oil prices are up again, with Brent crude oil at a record $50.15 per barrel, compared with $45.35 a year ago.

But the world’s biggest producer is struggling with low oil prices and a lack of demand in China.

As the world tries to manage supply in the face of soaring prices, some experts are warning that the boom is now being undone.