Without a doubt all South Africa would concur that it is a positive development. They would immediately point to the price of petrol and, if they were more astute, they might allude to the fact that Eskom is spending R4 Billion per month on diesel to power their “emergency” open cycle gas turbines. On the other hand is this positive affirmation universally true?
Firstly what is driving the price of this finite product down? From a South African perspective portion of the cause is highly illustrative as it is a contentious oil extraction process which is currently under debate.
Main picture: The Saudis have the lowest cost per barrel of oil in the world. Their aim is to destroy the expensive producers such as the offshore oil production and especially the fracking industry in the USA.