Tuesday, October 21, 2008

Reverse Oil Shock

Russia, Iran, and Venezuela are having trouble adjusting to cheap oil. This article is from today's NY Times.

“Now, the producers are experiencing a reverse oil shock,” Mr. Yergin said. “As revenue went up, government spending went up and expectations of a continuing windfall led to greater and greater ambitions. Now they are finding how integrated they are into this globalized world.”

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