Originally Posted by
xafalcon
As oil is consumed globally, but only extracted and sold in economically significant quantities by a few lucky countries, cheap oil will always be a boost to average world growth, so long as the cost reductions are passed along to consumers.
In NZ this is not happening, but I expect the government to apply more pressure to big oil this year as we get closer to the election and more people start asking why the cost of crude oil has fallen by 75%, but pump prices are only marginally lower than when crude was $110/bbl.