One thing that should give us cause for optimism for 2017 and beyond is oil. You know, the stuff the left-intelligentsia said we were supposed to have run out of by now – but which the Saudis recently reminded us that there’s more than we know what to do with.
Contrary to popular belief, low oil prices are not necessarily a good thing. Even when economic times are good, low oil prices are inflationary and can be the sign of bad things to come (e.g. the 1990s leading up to the Asian Economic Crisis). Alternatively, as we’ve recently found out, low oil prices can also be a symptom of tough economic times due to low demand and activity in key economies in Europe and the USA. Indeed, you don’t see many people cheering the super low petrol prices we’ve seen recently. After all, there’s little use in having plenty of cheap fuel to put in your car if you’ve got nowhere to go.