Oil prices have plunged again.
After meandering lower for the last two weeks, the Brent price has suddenly dropped about 7 US cents in a couple of days, West Texas about the same.
Surely our petrol prices will be lowered again? Is the Commerce Commission watching? Perhaps the AA?
Over three months, there’s been a very consistent drop. The Saudis will be pleased at the controlled plunge, happy they’ve avoided panic selling and hoping for higher prices in the long run.
Unfortunately it means the Western economies are still in the doldrums. Maybe China can save us?
Anybody been following the reasons behind the oil price slump?