Falling oil prices

Oil prices continue to fall worldwide for many reasons.  See http://www.bbc.co.uk/news/business-30247276. I think North Sea Oil is a minor part of our trade figures these days. Had Scotland become independent, the falling oil revenues might have been very serious.

"Welcome to the new world of oil," said Michael Wittner, Societe Generale's senior oil analyst. "Saudi Arabia and Opec will no longer be the mechanism to balance the market, they have relinquished that role. Instead, the market itself - prices, in other words - will be the mechanism to rebalance the market. We cannot overstate what a dramatic and fundamental change this is for the oil market."

I think this is good news. The Middle East is no longer holding the world to ransom. Also, we are (too) slowly weaning ourselves off oil.