Oil prices have recorded their biggest daily fall in more than three years (“ >Global oil prices in free fall after production glut ,” Oct. 16). There is now much bargaining and hard-selling between the oil- producing nations which will eventually benefit the rest of the world reeling under the impact of skyrocketing prices. It also raises speculation that this development could mark the beginning of the end of OPEC’s monopoly of prices. In future, there could be a paradigm shift in pricing towards the U.S. and Canada which have abundant shale deposits and also perhaps Russia, which has plenty of crude oil.
Nalini Vijayaraghavan,
Thiruvananthapuram
Despite the fall in oil prices, the government has hardly reduced prices. In a country where the price of oil impacts the prices of other goods and services, some relief is essential.
P.O. Koshy,
Hyderabad
