So, where has the $500 billion gone?
Wry & Dry wants to know. Where has the $500 billion not spent on oil since the oil price collapse gone?
If the world economy could function moderately well with oil at $110 per barrel (and with low interest rates and low inflation), then surely with oil now at under $40 per barrel someone must have cash in the pocket.
Consumers, industry and governments must all be laughing. Because the Saudis, Iraqis, Russians, etc are all weeping. The price of oil is now the lowest in a decade, and hit $37 last night.
W&D's point (and he does have one) is that the oil price drop is good news. And shouldn't be the basis of an apocalyptic headline. There is half a trillion dollars to now be spent or invested that otherwise would have been lost in the sands of Saudi Arabia and nearby places. Rejoice!