More on oil prices

I wrote a couple of weeks ago about what is going on with oil prices and why. I just came across this graph that shows something I hadn't considered:

Oil price budget balance graph

With oil prices around $46 barrel, many of these countries are going to find significant deficits. Of course, it could be a deferred - pay now, play later - kind of mentality, but it could also be very risky if the prices do not turn around soon. If this is how governments finance their budgets, including social programs and general funds, it could lead to stronger austerity measures in places where things have been fairly sunny of late.

Very interesting.

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