A globalised world means that India will not escape the contagion if the doomsday predictions play out
I remember a time not so long ago when the headlines screamed oil, as they are doing today. But just six years ago, it was the fear of very high oil prices that was freaking out everyone. A resource-guzzling China was setting the oil, and commodity, market on fire, and in 2006, predictions of oil barrelling past $100 was making headlines. Oil did break $100, got to $142 in 2008 and then sank to $32 the same year when the markets collapsed, and then roared back to cross $100 two years later. Today the reverse is true—doomsday forecasts project oil at $10 a barrel, after oil breached the $30 price last week. Some of the current end-of-the-world predictions for 2016 rest on the collapse of oil.