First oil ///

“We have met the enemy and he is us.”—Cartoonist Walt Kelly through comic strip Pogo. WTI crude oil below $50/bbl has turned the global economy upside down. The low crude oil prices are a boon for oil consumers throughout the world, including China and India. These countries were bleeding cash from 2010 to 2014, with triple-digit crude oil prices. Now, China’s storage tanks are bursting at the seams with cheap crude oil. India has achieved three quarters of surplus balance-of-payments, due to a significant drop in the import bill. Refiners and petrochemical companies are enjoying low feedstock prices. Drivers throughout the world are making lower payments at the petrol pump.

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