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Oil prices dropped to five year lows Monday as weak demand in Europe and China added to downward pressure from last week's meeting of the Organization of Petroleum Exporting Countries.听Brent crude oil prices fell as low as $67.53 Monday, its lowest since 2009, before rebounding to $69.80.

听last week听was yet another sign 鈥渢hat we have begun a new chapter in the history of the oil markets," in听.

By letting prices slide and maintaining market share,听. Once before, OPEC鈥檚 de facto leader successfully used the gambit to force the cartel鈥檚 members to cut production. This time, however, it faces a much larger contingent of players, including the United States, Canada, and Russia, which represent a much bigger slice of global production and are far less likely to be intimidated.

OPEC also faces a global economy听looking for ways to use oil more efficiently 鈥� or not use it at all. Highly efficient engines and alternative fuels 鈥� combined with听, and听听鈥� will slow a听return to robust oil听demand. Energy demand will continue to rise, but there's no guarantee it will come in the form of oil.

. Petro states Russia and Iran are among those most squeezed by depressed prices, giving the West an edge when it comes to nuclear talks with Iran, and confrontations with Russia over the Ukraine crisis.

Ultimately,听. If it lets prices fall, it might slow the existential threat flowing from North Dakota oil wells, but it exacerbates an already dire economic outlook for some of its most vulnerable members. Propping prices back up might ease some intra-OPEC tensions, but it would lose valuable Asian customers, and give US producers a reason to keep drilling.

Recharge delivers the big ideas in global energy to your inbox every Saturday.听.