Since the peak of June 2014, the price of oil has plummetted by about 70%. At the time when the price was in the vicinity of $140 per barrel, no one really believed it could ever come down. So-called oil experts talked about “peak oil” theory and how the petroleum reserves were dwindling and so the price of oil would never fall below $100 per barrel. Think-tanks that put out regular updates scared people by saying a barrel of Brent crude could cost about $200. This was a scary scenario for consumers, but music to those economies that live off commodities.