Falling Oil Prices Will Contribute to Chile’s Economic Recovery

Mining Weekly reported that the government of Chile has said that the fall in oil prices will contribute to the country’s economic recovery this year. It will serve as a counterbalance to a sharp drop in the price of copper, Chile’s top export.

As quoted in the market news:

Chile imports the vast majority of fossil fuels it consumes, about $15-billion annually, meaning that falling oil prices will help consumers at the gas pump and benefit companies with lower transport and energy costs.

Alberto Arenas, finance minister for Chile, stated:

There are market estimates that we could be saving between $7-billion and $7.5-billion in 2015 (in oil imports), which is very good news for the economy because it brings reduced costs for the productive sectors and will help generate more activity.

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