Why the oil price is a hurricane in a teacup

“WHEN the oil price was $US30 a barrel last year the general view was that it was a really bad thing and that if the price got to $US40 we’d all be rooned. When it got to 40 the consensus agreed that this was very bad indeed, and that 50 would be a global disaster. At 50 the disaster was deferred to 60 and when the price hit 60, well, you can just imagine the economic chaos if it ever got to 70. Which is where it sits now. The sky is still above our heads.”

Why the oil price is a hurricane in a teacup – The Age