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October 17, 2014

Plunging oil prices are felt far and wide

  • Lower prices will have complex effects on economies around the globe that are only starting to be felt.
    • By JONATHAN FAHEY
    AP Energy Writer

    NEW YORK — A sudden plunge in the price of oil is sending economic and political shockwaves around the world. Oil exporting countries are bracing for potentially crippling budget shortfalls and importing nations are benefiting from the lowest prices in four years.

    The global price of oil is near $84 per barrel, down about $31, or 27 percent, from its high point for the year. Oil consumption globally is 91 million barrels per day. That means the world's oil producing countries and companies are bringing in as much as $2.8 billion less in revenue every day — and consumers, shippers and airlines are saving a comparable amount on gasoline, diesel and jet fuel.


     
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