Lower oil prices and the world economy

Lower oil prices and the world economy / Timothy Taylor, Conversable Economist, 14/01/2015


What do lower oil prices mean for the world economy? The World Bank offers an overview in one section of Chapter 4 of its January 2015 Global Economic Prospects report. Here are some points that caught my eye. The recent drop in oil prices is large, a drop of almost 50% over the last six months of 2014 from slightly over $100/barrel of crude oil to about $50/barrel. However, drops of similar magnitude are not uncommon…

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