Falling oil prices

This refers to the report, "Import bill may go down by $2 billion" (Jan. 2). The falling oil price in the global market is a blessing in disguise for many nations.   However, it can be said that the fall in oil prices is not due to demand-supply equation; international politics is behind the fall. The West wants to punish Russia for its role in Ukraine. For the first time, the US shale oil is available in the global market apart from OPEC nations. The West wants to hurt the economies of oil exporting nations like Russia and Venezuela among others, which are seen as Cold War opponents of the US. There is a saying, "Make hay, while the sun shines". It cannot be denied that global politics plays a vital role in international trade. Fall in global oil prices will also affect Lima Treaty on global warming, as lower prices will lead to more demand, increasing pollution. But who cares?   

Deendayal M. Lulla
On e-mail