Just few months back the entire consuming world comprising US, Europe, Japan, China and India and other smaller non oil producing countries, was at the receiving end due to spiraling crude oil prices. And in the month of July i.e, just five months back, people were predicting it only to go up anywhere to the 175 dollars to 225 dollars range.
Now, it is the turn of oil producing countries to start worrying, and that too very seriously, because crude oil prices have crashed by over 60% in just five months and this week they touched a new low of below 50 dollars. Year on year the prices are down over 10% and that is good news for the consuming world.