Timber, have you done any research on the US oil boom and how...

Timber,

have you done any research on the US oil boom and how sub $70 will impact it - exploration, production, jobs, high yield debt?

You're also technically wrong on deflation - weaker oil prices will place downward pressure on CPI, but only temporarily. Long term, this is great for growth in economies around the world (especially so for NZ sheep farmers).