Silver Lining Of Lower Oil Prices: Loudmouths Quieted (For a While…)

Inside every recession there’s a silver lining and in this one it’s falling oil prices, down from $147 a barrel in July to $48 this week and maybe headed toward $40.

And inside falling oil prices there’s another silver lining: It shuts up people like Iranian President Mahmoud  Ahmadinejad. Oh, he’s still ranting away in Tehran but he lacks that old anti-U.S. fire and focus. For one thing, he is in danger of losing his job.

AGENCE FRANCE-PRESSE/GETTY IMAGES Iranian President Mahmoud Ahmadinejad has congratulated President-elect Barack Obama. Formal diplomatic relations were cut in 1979.
Above: Iran’s Ahmadinejad.  Photo by Getty Images

By Dale McFeathers
The Washington Times

He looked like a genius in July but now that oil revenues have slackened Iranians can see what a shambles he has made of the economy. Unemployment is high, inflation even higher and Mr. Ahmadinejad, having squandered the oil revenues when times were good, is forced to consider cutting spending and raising taxes, which should make his real popular with the bazaar crowd. He is up for re-election in June, and without oil money to throw around and the United States to kick around he may face a second career driving a cab.

Another silver lining is that Russia, also overly dependent on oil revenues, has become notably less grandiose along with its new best friend in Latin America, Venezuelan blowhard Hugo Chavez.

In Moscow, work has stopped on what was to be Europe’s largest and tallest — 1,968 feet – office building. The Associated Press quoted the developer as saying that because of the credit crisis there was no money to pay for the building and no demand from tenants to fill it. That’ll do it to you.

Read the rest:
http://www.washingtontimes.com/news/2008/dec/06/recessions-silver-lining/

An oil pump works away at sunset Friday, Dec. 5, 2008, in the ... 
(AP Photo/Hasan Jamali)

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