One day we hear from OPEC president Chakib Khelil that the price of oil is "not necessarily very high" and the next, prices decline as the market absorbs the troubling economic data. Unemployed people in wealthy countries tend to buy less when they're out of a job.
What do people do in economies that revolve around oil when the oil prices decline or does anyone outside of the lucky few even notice? In Nigeria, the "trickle down" never seems to work very well thanks to the unhealthy partnership between government and Big Oil. The money always stays in the same group of hands without any general improvement for the bulk of the people. Of course, that same unhealthy relationship doesn't work very well closer to home, does it? Too bad Washington continues to cower to this special interest who only has their own self interest in mind.
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Oil price declines with recession talk
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