Ryan Bridge: You don't know what you've got 'til it's gone

We're learning a few hard truths this week and the old saying rings true - you don't know what you've got 'til its gone.

Parties on the left and the right all crying out for more oil. Turns out, it's actually still quite important.

Ryan Bridge: On oil shock, people want more self-reliance

The war in Iran is not a shocking event in the sense that we knew it was coming.

Trump has been not so much hinting, but sounding a fog horn for months. As we’ve been covering on this show, he’s been amassing military assets in the region since the end of January.

DTNZ: Iraq warns of $300 per barrel oil

The escalating conflict in the Middle East could send the commodity skyrocketing – Foreign Minister.

Escalating tensions in the Middle East and a potential closure of the Strait of Hormuz could drive oil prices up to USD $300 per barrel, Iraqi Foreign Minister Fuad Hussein warned during a phone conversation with German Foreign Minister Johann Wadephul.

Brian Gaynor: Oil’s plunge all about supply and demand

Price cuts are good for consumers, but markets don’t like volatility. 

The sharp decline in oil prices is a simple case of economics 101, in particular the laws of supply and demand. Brent crude oil prices surged from a low of US$20 a barrel in 2001 to US$128 a barrel in 2011.This led to a sharp increase in exploration and production while consumers sought ways to become more energy efficient and reduce their reliance on high priced oil.

Brian Gaynor: Petrol price still too high

The sharp decline in oil and dairy prices could have a huge impact on the domestic economy as the former is our largest import item and the latter our biggest export earner.

Petroleum imports were $8 billion, or 15.8 per cent of New Zealand’s total imports in the October 2014 year while milk powder, butter and cheese accounted for $15.5 billion, or 30.4 per cent of the country’s exports over the same 12-month period.

The benchmark Brent crude oil price has fallen 45 per cent – from US$115.65 a barrel to $63.16 a barrel – since its year high on June 19 while the important whole milk powder price has plunged 55 per cent – from US$5005 a tonne to $2229 a tonne – since February.

Frank Newman: The good oil on interest rates

Last week the Reserve Bank issued its latest review of the Official Cash Rate (OCR). As expected the OCR remained unchanged at 3.5%.

The last rise was in July. At that time the consensus amongst interest rate watchers was for a rise in the OCR before the end of this year. Now the consensus expects interest rates to remain at current levels until September next year. Some are of the view that the next rise could be even further out.

With annual inflation running at about 1% and the heat coming out of the Auckland property market, there appears to be little need for the Reserve Bank to clutch the interest rate levers just yet. Contributing to the lower inflation are falling oil prices, a weaker global economy, and lower ACC charges.