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  • Oil recently dropped below 70 dollars a barrel for the first time since 2010 and many

  • Americans are rejoicing. Having cheaper gas is a good thing, right?

  • Well, maybe not. A lot of countries and micro economies may stop functioning if oil prices

  • dip too low. One of the biggest examples is Russia. Since the most recent drop in oil

  • prices,

  • Russia’s currency, the ruble, saw the biggest one-day decline since 1998. This is

  • because oil and natural gas make up about 70% of the country’s exports, the second

  • highest

  • in the world, and Russia gets more than half of its budget from oil revenues. This drop

  • ensures

  • more financial hardships and less economic growth in a country already dealing with numerous

  • international sanctions.

  • Some argue that the combination of the economic loss plus the estimated 40 billion Russia

  • is losing from sanctions might put enough pressure on Vladimir Putin to end his conflict

  • with

  • Ukraine. But it’s not likely. Putin has been quoted being optimistic about his country's

  • oil

  • problems, citing the upcoming winter which will bring cold weather and with it, a higher

  • demand

  • for oil. But this is strictly speculation and history may have a way of repeating itself.

  • Many blame

  • the fall of the Soviet Union in the 1980’s partly on a decline in oil prices.

  • Other major oil producing nations, like Iran, Nigeria and Venezuela have their own struggles.

  • In fact, Venezuela’s economic woes have already led to countrywide violent rioting.

  • The country

  • is suffering from high levels of inflation, which has led to a scarcity of simple products

  • like toilet

  • paper and toothpaste. One analyst was quoted saying that for Venezuela to be able to balance

  • its budget, oil prices would need to hit $200 a barrel. The money lost from the new drops

  • in oil

  • prices has forced the government to make major cuts and increase taxes, something that will

  • not help ease the unrest.

  • So, lower oil prices could cause entire countries to fail, but they aren’t the only people

  • affected. Lower oil prices could also hurt the fracking industry and put thousands of

  • Americans

  • out of work.

  • Fracking is an expensive process and in order for those companies to make a profit, they

  • have to sell their oil at a high price. If the price dips low enough, theyll have

  • to stop drilling. This

  • would be a major blow to states like North Dakota, Oklahoma and Texas where fracking

  • has

  • been likened to the dot com bubble.

  • To find out more about that, check out our video on the current US oil boom and how much

  • oil the US is actually producing.

Oil recently dropped below 70 dollars a barrel for the first time since 2010 and many

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B1 中級

為什麼低油價對世界不利 (Why Low Gas Prices Are Bad For The World)

  • 2175 66
    Cheng-Hong Liu 發佈於 2021 年 01 月 14 日
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