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Plunging oil prices: Why and what it means

As the world finds more cost-efficient alternatives to fossil fuels, the free fall in the price of oil augurs well for the global economy by boosting growth

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HIGH POINTS AND THE LOWDOWN: Lower oil prices are a huge positive for the global economy generally. Oil price hikes lift business costs and are like a tax on households and so a surge in oil prices played a big role in the recessions of the mid-1970s, early 1980s, early 1990s and in 2008-09.

THE past year has seen the world oil price fall by more than 50 per cent. Late last year as the fall accelerated, this started to act as a drag on share markets and this has resumed at the start of this year as the oil price has continued to slide. But what's driving the oil price plunge and isn