Significant Drop In Oil And Gas Price May Have Saved The Global Economy

The drop in oil and natural gas prices this year will limit the global economic downturn, especially in Europe where fears of recession and galloping inflation have subsided.  Oil prices are currently trading in a tight range around the low $80s per barrel, down from over $100, and at one point $120 per barrel, in the spring of last year. Natural gas prices in Europe are at an 18-month low thanks to energy savings, demand destruction, well-above-average inventories, and milder weather for most of this winter.  Europe’s economy has…