Although oil prices stabilized in Asia today after having plunged more than 6 percent on Monday to 6 1/2-year lows, there are indications that prices may be heading to the level they were in 2008, in the aftermath of the global financial meltdown.
Brent crude then traded at $36.20. At the price level today, the fall is now over 66 per cent.
In Asia trading today, U.S. crude futures CLc1 traded at $38.73 per barrel, up 1.2 percent on the day, and off Monday’s low of $37.75.
Brent crude futures last stood at $43.03 after having fallen to $42.23 on Monday.
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The era of dependence on oil as a foreign exchange earner is fast going.It's time to look inward and plan.For Nigerian state not to get plunged into political and socioeconomic turmoil: local refineries, in scores, must be built and maintained at a low cost ,manufacturing companies established in droves backed by good transportation system as well constant electricity supply.