Oil never was that valuable. It was propped by a OPEC cartel. If you go back in time and watch any press release from the saudis when asked about the idea of "

Oil never was that valuable. It was propped by a OPEC cartel. If you go back in time and watch any press release from the saudis when asked about the idea of "peak oil" - they always said it was nonsense. It was too easy to earn money just from the oil production capacity in place that they saw no reason to increase it. The reason why the party was over for the OPEC countries was because of a petroleum engineer from texas who didn't even get rich or famous from completely changing the norms in international trade and global geopolitics [1] even spider man cannot pull something like that off. The reduction in oil prices is doing wonders throughout the developing world. India for example had to spend huge amount of tax-payer's money to provide support to poor families. In a single year they saved 50 billion dollars [2] ! It might not seem that much, but a dollar in india can get you much further then a dollar anywhere else ( especially if its taken from saudi pockets ) ( Modi for example needs 100 billion dollars in investment to kickstart a process that he thinks will allow india to reach china's level of capacity in manufacturing ) Open economies is good - and tech was always the king, from the invention of the printing press. Its just investors who were dumb to think that paying for a monopoly is a good idea. http://www.npr.org/sections/money/2016/08/17/490375230/oil-3-how-fracking-changed-the-world http://www.npr.org/sections/money/2016/08/17/490375230/oil-3... [1] http://www.news18.com/news/business/global-crude-oil-price-crash-who-gains-the-most-in-india-1186520.html http://www.news18.com/news/business/global-crude-oil-price-c... [2]