In a recent article in The Economist, “Cheaper Oil: Winners and Losers”, the rapid fall of the price of oil is predicted to help the enormous economies of the U.S. and China, but hurt oil-exporting countries like Russia and Venezuela, and have very little benefit for most of the world who live in poverty (“Winners and Losers”, 2014). In the last six months, oil prices have plummeted, sending shockwaves throughout petroleum producing countries (EIA, 2015). The U.S. has seen the price of a gallon of gas cut in half and the countries that rely primarily on oil exports are Continue reading...
