A sudden plunge in the price of oil is sending economic and political shockwaves around the world. Oil exporting countries are bracing for potentially crippling budget shortfalls and importing nations are benefiting from the lowest prices in four years. The global price of oil is $84 per barrel, down $31, or 27 percent, from its high point for the year. Oil consumption globally is 91 million barrels per day. That means the world’s oil producing countries and companies are bringing in as much as $2.8 billion less in revenue every day – and consumers, shippers and airlines are saving a comparable amount on gasoline, diesel and jet fuel. “The problem is that countries get accustomed to a certain level of income, and then spend,” says Edward Chow, a senior fellow at the Center for Strategic and International Studies. “It seems like a […]