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…