Cheap Oil a Double-Edged Sword in Southeast Asia

Falling oil prices have hurt America’s enemies and helped revive a flagging global economy. But while broadly beneficial for Southeast Asia and beyond, cheap gas is not without its problems for the region’s emerging economies.

Oil prices have hit six-year lows this year at around $44 a barrel, with predictions from some analysts of a plunge to $20 amid lingering oversupply and weak demand. On February 10, Brent crude was trading at around $56 compared to its $115 level in June 2014, with the International Energy Agency (IEA) warning that “downward market pressures may not have run their course just yet .”