A combination of calming political situations in numerous oil producing countries combined with enormous gains in US oil production will likely result in deflation for all of the Western world. Inflation rates in the US and parts of Europe are already near or below 1% and there is little indication the trend will reverse, especially if oil prices slide substantially. The US is expected to equal or surpass Saudia Arabia’s oil production level by 2016.
–from The UK Telegraph
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