The drop in oil prices is celebrated by consumer, discouraging to frackers, and massively unsettling to Russia and Iran. Other countries are being affected by the same forces. Smaller countries have the influences amplified. Importers get lower costs, which decreases their expenses and stabilizes their economies. Exporters get lower revenues, which means fewer taxes, restrained government services, empowered opposition, and reduced financial reserves. The more an exporter relies on oil revenues, the less confidence people have in the currency, which drives down its value, which raises expenses creating a downward spiral. When even large countries like Russia and Iran are affected, imagine the greater magnitude of the effect on smaller, less stable countries – and their citizens.
“Falling Oil Prices And The Consequences For Sub-Saharan Africa”
Pretending Not To Panic 