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Irina Slav, OilPrice.com: How The Oil Crisis Has Impacted Military Spending
A report by the Stockholm International Peace Research Institute has revealed that most of the world’s nations hiked their military budgets last year, marking the first increase in spending since the 2008 crisis. It seems that the only ones not taking part in this military spending hike are some of the world’s biggest oil producers.
While the United States is still the country with the largest military budget at $596 billion spent in 2015, this figure was actually a decline on the previous year. Saudi Arabia, according to Bloomberg, would also have cut its military budget if not for the war in Yemen. Russia, the world’s top oil producer, shrank military outlays in 2015 to $66.4 billion.
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WNU Editor: No surprises here. For countries like China, the U.S., Europe .... lower oil prices means more money will now stay at home. For the oil producers .... this means either no money for the military and/or smaller budgets.
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