The Unintended Consequences of Cheap Oil

Oil prices bounce around, but energy policy is forever
Photographer: Akos Stiller/Bloomberg

Cheaper oil is  good for the economy—it's basically the equivalent of a tax cut. Unless it's bad for the economy, which can be the case if falling prices spur deflation and hurt countries and companies that depend on oil exports. Whether the impact is good, bad, or a little of both, will depend on how long prices stay low.

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