Oil Benefit

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Economists say the current low price of crude oil is benefitting Spain because the country imports 99.6% of its needs. They say GNP rises by 0.2% for every 10% drop in petroleum prices. If prices continue at their present historic low, they add, the country’s oil bill would more than halve, from €30 billion in 2015 to €13.1 billion during 2016.

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