The plunging oil price that is down by more than half in six months is a reality check to Australian home buyers.
It is a reminder that markets can go down as fast, and often faster, than they go up.
The plunge also proves that the high price for the past decade was artificial—bearing no relation to cost of production or to supply and demand. (This means that every time Australians filled up since 2004 they were ripped off by the global oil cartel and commodity speculators.)
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