business

Oil price plunge sends ripples through global economy

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By DAVID McHUGH

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Hell, I'm glad. Bring those gas prices down! I'm paying an arm and a leg to fill up my little k-van. I couldn't care less about investments in American oil rigs.

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High oil prices is a double edged weapon. When the oil prices go up, then alternative energy sources become attractive as well as the question of energy efficiency becomes important. These two factors force the oil prices to come down. When the prices fall, the demand of oil goes up fueling the oil prices.

If OPEC is interested in keeping the oil prices attractive but not too high, then it should not become greedy. Let it be win win for both.

There is a strong possibility of use of hydrogen as a fuel for vehicles. As and when it happens, the demand of oil will drop to zero level. EU is working on this. While other countries are working on electrical vehicles.

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