FEATURE ARTICLE SHORTENED HEADLINE
Eurasia Drilling , onshore oil conglamerate in Russia
will not go away soon . As a country which relies on oil and gas for 70 percent of its export incomes , it is constricted by a web of externalities . The BBC reports Russia loses about $ 2bn in revenues for every dollar fall in the oil price , and the World Bank has warned that Russia ’ s economy would shrink by at least 0.7 percent in 2015 if oil prices do not recover .
In short , there is no one answer to whether the price fall in crude oil is good or bad news , as there are big winners and losers . Those suffering , such as the Russian and Venezuelan governments will be eager for a swift return to high prices . Whereas many in the wider global economy will for now continue to benefit from the equivalent of a mammoth programme of quantitative easing .
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