Nobody loses from more gas. Stupid article.
The bigger problem is for socialist ME oil exporting countries that will not be able to pay for social spending when the price of oil drops below the assumptions and projections.
see: IMF Powerpoint Presentation:
Middle East and Central Asia Regional Economic Outlook Update April 2012 Lots of interesting info, but SLIDE 34 documents a very IMPORTANT issue for socialist oil exporting countries. It is the fiscal break-even oil price to sustain their welfare state by country. For example, in 2012 it is projected that Iran must sell their oil for $117 per bbl or they cannot meet planned government expenditures.
PDF of powerpoint:
http://www.imf.org/external/pubs/ft/reo/2012/mcd/eng/pdf/mena_pp.pdf
It would be nice to tell OPEC to pound sand.
Business insider is a far left crap puddle.
We’ll have to wait at least 4 years to see any real benefit. The headwinds of 0bomunism are just too strong now.
The communist regime in Venezuela would likely collapse, if the world price of oil drops significantly. Ironically, that would be because the Chavez government heavily subsidizes the price of petrol products in the domestic market. The domestic price is far below the cost of production. The only way this subsidy can be maintained, is by diverting profits from foreign sales. When those profits decrease enough, the domestic subsidy will be unaffordable. Venezuelans, who are addicted to low, low, prices for gas will not be amused, by sudden sharp price rises. They will be especially miffed to be paying more for oil products, at a time when the world price is lower.
Also, Chavez will lose his main source of foreign influence — selling oil to “friendly” nations at below world prices.