tanked

With oil prices sinking to near historic lows, it’s really remarkable how causality comes unhinged when reason dictates that a lot of the economy hangs on the price of fuel. Though household budgets are seeing some degree of respite at the petrol station, the positive repercussions seem to end there and the myopic outlook is compounded.
Some hold the whole situation has a conspiratorial character meant to knock Russia down a notch as retribution for Ukraine, and event if this plot were true, the effects could not be contained and would lead to even graver instability in other oil-exporting nations. Without pain at the pump, environmental conscious bows out and the motivation for cleaner technologies falls away—with only greenwashing on offer. Waning demand has ensured the continued depression of prices, and the profit gradient for country’s whose wealth is an especially narrow one.  In hock as much as they were just recently flush with cash because of their commodity, Russia, Nigeria, Argentina and the Middle East are faced with the reckoning of re-financing and lenders are closing their ranks for other clients and keeping prices to the consumer steady. It is sort of like personable occupants stuck in a broken elevator turning to cannibalism.The formerly safe-bets of petroleum and follow-on industries are becoming unpalatable, and investors scuttle to park their money elsewhere—in rather hollow and abstract instruments that court yet another bubble coaxed to bursting.