Global oil prices have fallen sharply over the past seven months, leading to significant revenue shortfalls in many energy exporting nations however it has been seen as an opportunity for energy importing countries. From 2010 until mid-2014, world oil prices had been fairly stable, at around $110 a barrel. But since June prices have more than halved and has now dipped below $50 a barrel. This should translate into a strong rupee. However the rupee keeps on falling despite global decline in oil prices. What is the root cause of this problem? Who fixes the prices? If we cannot stop depreciating rupee what alternate avenues exist for us? India produces more than 10 lakh engineers in the world in various disciplines; cannot we do something?
Previously for thousands of years all energy needs were met only by coal, wood, dried cow dung etc and other natural process. Night lamps used castor oil. The entire economies of at least India and Oriental countries were dependent on agricultural prod...