In Monday, December 1, electronic platform for trading on the New York Commodity Exchange barrel oil is trading for 47.36 dollars. The price of oil is now at the lowest levels in three years and about $ 100 cheaper than a spade registered in July this godira. The last drop in price came after members of the ward were gathered in extraordinary meeting in Cairo last weekend and failed to agree on Crop quotas despite decreasing demand. This leads many analysts to expect further price falls further, shows an analysis of The Economist.

Many people would have rejoiced in the news for the drastic decline in the price of fuel. Governments who struggles to cope with inflation earlier this year, experience some relief. Poorest nations, who spent three quarters of their income on food, were particularly sensitive on rising price of energy resources, which has led to increase in the price of foodstuffs. Wave of discontent flowing from India to Cameroon.

With the fall in the price of oil came of governments and focussing on the problem of deflation. Unlike the days of continuous increase prices, monetary policy in such conditions would not experienced any drastic fluctuation to reduce interest rates.

Not everything associated with the low price of oil, however, is cause for joy. This applies especially to the volatility of the price which bears no security for consumers and producers. Worrying is the fact that the sharp decline in the price is a symptom of a strong deterioration of the global economy - demand decreases due to the stagnation of the economy or reducing its growth worldwide. Additional negativism for the development of an American economy and falling Dow Jones Index by 7.7 percent on Monday and which was followed by a fall in the Japanese market.

Environmentalists are not satisfied with cheap oil. The period of high prices choking big appetite for extraction of oil and other forms of energy production that were associated with higher emissions of carbon dioxide in the atmosphere. While it is argued that oil is inelastic commodity (in the short term, drivers found no way to change behavior or improve fuel efficiency of their vehicles), these studies led to a curious fact that the sensitivity of high prices is significant and noticeable .

The decrease in sales of the SUV with gasoline engines in America and the increased use of public transport in the last year are a visible impact of movements in the price of oil. After raising their people are more willing to surrender their old cars for scrap and to targeting more low cost models, and to drive less. The results were lower consumption of oil and Car of the more thrifty cars to the public.

In other countries helped that fell subsidies that held the oil price artificially depressed. As a result, many drivers encounter the actual price of fuel which had to pay. The fall in the price of oil, however, can turn these trends.

People concerned about the safety of energy, also have reason to worry. Despite plans to increase use of renewables and nuclear energy in the industrialized world oil will continue to occupy a large share in meeting energy needs, particularly those related to transport.

The long-term supplies depend on continued investment in oil production, which is unprofitable because of low and unstable prices of raw materials. Oil minister of Saudi Arabia allegedly required price of 75 dollars for barrel, to encourage producers to prevent a possible shortage in the future. He argues for the development of the deposits in Canada, set in sand, which is much more expensive initiative of the use of inexpensive oil fields in Saudi Arabia.

International Association for Energy, which traces the development of countries rich in energy resources, has calculated that to meet the needs of oil in 2030 will need a yield equal to six times greater than what currently EARNING Saudi Arabia . If prices remain low so extraction is unlikely that will lead to a shortage later.

The price of oil would affect not only the demand and supply. Should be considered and given the damage that enter the environment. When the price of oil remained low serious decisions to invest in alternative industries, creating more energy plants and machinery, or change in consumer behavior that could help the world to Shake from its dependence on oil, be postponed more easily.