Three major countries that have been a thorn in the side of the United States are going to see diminishing influence over the coming years because of declining oil prices. That’s the verdict of Bank of America economists who looked into the international political effects of the price slump. Here’s what they had to say (emphasis ours). Here’s Francisco Rodriguez, BAML’s Andean economist, on Venezuela: High oil prices in recent years allowed Venezuela to expand its influence in the region. The cost of this was very large for the country. We estimate the stock of loans to regional allies currently …read more
Source: Business Insider
