oil

Impact of falling oil prices

Impact of falling oil prices

In recent months the price of crude oil has fallen 50%. This fall in the price of oil has a significant impact in reducing transport and other business costs. Falling oil prices is good news for oil importers, such as Western Europe, China, India and Japan; however, it is bad news for oil exporters, such as Venezuela, Kuwait, Iraq and Nigeria.Impact of lower oil prices on oil consumers Lower oil prices help to reduce the cost of living. Oil-related transport costs will…

Are falling oil prices good for the economy?

Are falling oil prices good for the economy?

In recent months, we have seen a dramatic drop in oil prices. For many consumers and business, this fall in the price of oil will be welcome reduction in the cost of living and a reduction in the cost of business. However, is such a steep fall in oil prices good for the economy?Benefits of falling oil prices In normal economic circumstances, a fall in the oil price can help the economy.Lower oil prices reduce the cost of…