Your editorial “The oil crash” (March 10) rightly cautions the government that “the gains from the sharp drop in crude prices will be temporary”. We have all seen the fickle nature of crude prices. No one, barring the youngsters, has forgotten the time before the formation of the Organisation of the Petroleum Exporting Countries (Opec) when the crude price used to be in single digits per barrel. Then came the OPEC, and Saudi Arabia and other oil producers were transformed from poor desert folks to owners of unforeseen riches. Of course, American oil companies made huge gains too from their concessions in West Asia.
The present stand-off between Russia and the Opec is a kind of payback because it is going to seriously hit America’s own shale gas programme. Anyway, our government should be grateful for the windfall “gift” and shore up our economic situation. And, of course, remain ready for a patch-up between the warring Russia and Saudi Arabia — perhaps ironically with the US mediation — and the crude barrel prices zooming up again.
Krishan Kalra, Gurugram