From my favorite optimist:
The oil price peaked at almost $150 a barrel in 2008, just before the financial crisis. That is probably no coincidence. Although the crisis was fuelled by a credit bubble, rocketing oil prices helped trigger the bust. All over the world, but especially in America, people were saddling themselves with longer and longer commutes to find houses they could almost afford, a phenomenon known among American mortgage brokers as “drive till you qualify”. The doubling of fuel prices in the US between 2005 and 2008 killed that strategy and began the collapse of the housing market.
The full post on the absolutely good news of falling oil prices is here.
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