As oil prices plummet, consumers are delighted. Oil producers retrench.

OPEC is scrambling to gain control of the market again and meets at the end of November.  Countries desperate to boost prices, like Venezuela and Russia, are also the least democratic. Oil revenue is used to pay off a powerful elite or pay expensive subsidies to the poor. Neither tactic works well over time.

Norway’s example is of a society that decided to secure its own power and position vis  a vis the big oil companies.  Norway is the world’s fifth largest exporter,  They have tried to distribute money fairly and leave an economy for the future which is not oil-based.  Fighting a tendency to have personal favoritism in government is particularly important for oil rich countries.  High levels of trust and transparency are essential.  These stand out in a country like Norway when oil prices fall.