Just met loads of Canadians in Cuba. They all reckon the commodity-dependent Canadian economy is going down the pan.

All the while the Saudis are prepared to take the hit, they'll keep going down.

They're trying to make the US's new self-sustainable sources uneconomic, and the only way to do that is to force down the global price per barrel, which is killing those who need the price to be circa 0/barrel to make money.

An Iran are due to flood the market soon too, so it should stay in the -50/barrel range for a while.

And they can afford to take the hit for longer than anyone else.

Falling rapidly.

Petrol could be £1 a litre by Xmas.

Is this a good thing?

On the face of it yes - we all benefit from lower running costs and haulage firms generate greater profits.

What about the wider picture and global economy?

Lowering oil prices come about as a result of China's economic slowdown - they reduce useage of steel and other basic consumables which has a knock on effect on other economies and markets.

Many of you on here will have pension funds invested in the stock market and you will be taking a big hit as share prices drop and income from them reduced or curtailed.

Oil companies are making many people redundant too.

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Falling Oil prices hit emerging economies too like Brazil, Nigeria so anyone invested in those countries will see losses too.

So, on the face of it Oil prices falling are a good thing, but when you drill down (pun intended LOL ) maybe it's not that good really!

Only India seems to be bucking the trend, but eco warriors are trying to get them to reduce their reliance on fossil fuels to drive their economy upwards which they are ignoring at the moment.

Edited by Hoof Hearted (09 Dec 2015 11.29am)

Hopefully you guys will find a way of reducing operating costs in order to keep profitable production, even at those prices, so that their plan doesn't work.