1、 https:/crsreports.congress.gov Updated January 6, 2015Lower Oil Prices 2015Oil prices, long recognized as volatile, have declined sharply since June 2014. During the last week of June 2014, the prices of Brent, the world reference crude oil, and West Texas Intermediate (WTI), the U.S. reference cru
2、de oil, were $113.74 and $107.04 per barrel, respectively, at their peaks. As 2015 began, the price of Brent was $57.86 and the price of WTI was $53.46. These prices represent almost a 50% reduction. It is uncertain how far prices will decline, or how long the period of lower prices will persist. Si
3、nce oil is a major traded commodity, used by consumers and industry the world over, the effects of these sharp cuts in price are likely to be felt in virtually every nation in the world. However, whether the effects are positive, negative, or mixed depends on the economic characteristics of the part
4、icular country. In general, consuming nations, net importers of crude oil, might be expected to benefit, while producing nations, net exporters, might be expected to suffer; many nations will experience mixed effects. Why Lower Prices? Three key factors have contributed to the low oil price environm
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