Monday, February 15, 2016
"The continuing plunge in the price of oil from $115 a barrel in mid-2014 to $30 today is really, really good news. I know just about every economic commentator says otherwise, predicting bankruptcies, stock market crashes, deflation, political turmoil and a return to gas guzzling. But that is because they are mostly paid to see the world from the point of view of producers, not consumers. Yes, some plutocrats and autocrats won’t like it, but for the rest of us this is a big cut in the cost of living. Worldwide, the fall in the oil price since 2014 has transferred $2 trillion from oil producers to oil consumers."
-Matt Ridley, as excerpted from here.