Cheap oil: an opportunity to deregulate and demonopolize the oil industry
The continued decline in global oil prices is at least good news for many developing economies who can take advantage to grow faster. After all, most economic activities require oil input – from buses and cars, tractors and fishing boats, airplanes and ships, bulldozers and backhoes, oil power plants and generator sets, and so on.
Current low prices have not been seen since six or more years ago. Below are the charts for the last five years (left) and past month (right) of West Texas Intermediate (WTI) crude prices.
Figure 1. Crude oil price at WTI, last 5 years and last month ending December 26, 2014
While some big oil companies and their allied firms in other industries are not…
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