I did not expect to be writing about cheap oil, but after OPEC decided not to limit production, the price per barrel is dropping again, now below $70. And they may continue to fall, at least for a while longer. No one knows when prices will bottom out or when. But I did hear an expert predict that prices are likely to stay low for at least a year or so.
This will have major impacts around the world. Russia, the country most reliant on higher prices (over 50% of its national budget is funded from oil sales) will be hit hardest. And not surprisingly, the ruble is again in free fall.
I will be tracking this story — especially looking for the impacts on various sectors of the global economy. BTW, I suspect that the non-oil producing developing world will benefit the most.