The beautiful thing about the oil price decline is that it is defunding our enemies. Russia, Iran, Venezuela, the middle eastern despots are all hurting, and are now much less likely to poke us in the eye with a sharp stick.
Let’s also congratulate our (relatively) free markets and capitalism in bringing about this happy result. As TG points out, entrepreneurs respond to price signals by innovating, oil companies by drilling (if allowed to), and consumers by conserving. All the actors take time to move, and they understandably wait until a price trend looks long-term. The fear-mongering media and anti-market politicians need to stop bashing capitalism.
