Saudi Arabia’s unwillingness to follow its longstanding policy of propping up oil prices means North Carolina might have to wait for offshore energy exploration.

That’s the assessment of Daniel Fine, associate director of the New Mexico Center for Energy Policy and project leader of a group developing New Mexico’s state energy policy. Fine described a Saudi-led oil “price war” during a presentation to the John Locke Foundation’s Shaftesbury Society.

In the video clip below, Fine explained how falling oil prices tied to Saudi Arabia’s new policy affect North Carolina’s energy options.

2 p.m. update: Click play below to watch the full 55:08 event.

You’ll find other John Locke Foundation video presentations here.