COMMENT: Oil shock and ore

When both Brent and WTI drop below US$30 a barrel – as they both recently did, albeit briefly – then something is clearly out of kilter. Oil prices have dropped by in excess of 70% over an 18-month period: given that we - the global economy - are still anchored firmly in the oil era, the fact that one of our species’ biggest single input costs can reduce at this rate is clearly one deserving of consideration.