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Economics

Drown baby, drown

BY BENJAMIN ONG | MONDAY, 18 JAN 2016 11:11AM

Oil at US$10 a barrel! OMG! That's fantabolous - at least, for oil consumers the biggest three of which are the United States, China, Japan. And at least in so far as what this old, ageing bloke learned in Economics 101. Higher oil prices are a tax on consumption or its converse, lower oil prices increases disposable income.

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