Vocal Voices

If the price is too high it is a crisis. If it falls too low it is a crisis.

Then there is the overproduction crisis coupled with the shortage of storage crisis.

Do whisper quietly the 'brokers not making £billions hand over fist' crisis.

The lifting of sanctions now means that Iran can re-enter the fray, further flooding the market. Standard Chartered are predicting that the price of a barrel of crude could drop as low as $10, at which point all bets are off.

Analysts are already saying that long-term production below $35 per barrel is not possible. US shale, North Sea and other costly production areas would be hit. Venezuela, Algeria, Libya and Nigeria are already facing serious financial problems and political unrest with people out of work. Social unrest and displacement will be the next step. Then there is Russia.

Pardon the pun, but if Saudi Arabia and Iran go toe-to-toe over oil they will have the whole world over a barrel and the current mess in the ME will look like a garden party.

The violence between Sunni and Shia, between the Saudis and Iran, has some way to go yet. Yes, it will be great if petrol falls to 50p a litre - or will it?

Less revenue for the government, much less in fact. North Sea oil production may have to shut down, exploring for oil in the arctic and in deep oceans will be pointless and as you point out other areas where oil is produced at higher cost will also be shut down resulting in more lost jobs.