Michael Meyer is warning against the "social and geopolitical" ramifications of falling oil prices in countries that rely heavily on oil revenues. After all low oil prices in the 1980s did weaken the Kremlin and help bring down the Soviet Union. What he fears most is the impact of falling oil reveunes on petrostates in Africa, which may create a new wave of "oil refugees" - economic migrants who have to leave, seeking better opportunities in Europe. The continent is "already struggling to accommodate refugees from the Middle East and Afghanistan." With "Nigeria, Egypt, Angola, and Kenya" being "among Africa’s most populated countries," he asks "what would happen if they imploded and their disenfranchised, angry, and impoverished residents all started moving north."

The oil industry has seen its boom and busts in history, but the current crisis is the worst since the 1980s. The author says, "plunging oil prices will benefit a few" - those who drive and heat their homes - but inflict "earth-shaking" pain on a wider public, which could lead to "social disintegration" and political turmoil. At the macroeconomic level there are massive investment cuts and job losses. However oil producers are also to blame that they have failed to cope with the emergence of energy-efficient vehicles, which leads to lower demand for fuels.

OPEC is said to be reluctant to intervene to stabilise markets that are widely viewed as oversupplied. Iran, Venezuela, Ecuador and Algeria have been pressing the cartel to cut production, but Saudi Arabia, the United Arab Emirates and other gulf allies are refusing to do so. Meanwhile Iraq is actually pumping more, and Iran is expected to become a major exporter again. There is little hope that oil prices recover any time soon. Production is not slowing fast enough in the US and other countries. Russia's intervention in Syria had not triggered a hike in oil prices.

Nigeria is one of the world's largest oil producers, but few Nigerians, including those in oil-producing areas, have benefited. President Muhammadu Buhari, elected in March 2015, has promised to stamp out corruption. Due to dwindling oil income the government has to reduce public services to the very poor - a massive proportion of the country’s population.

Angola is one of Africa's major oil producers, yet much of its oil wealth lies in Cabinda province, where a decades-long separatist conflict simmers. The autocratic leader has failed to distribute the proceeds from the oil boom more widely. The government "is slashing the subsidies that large numbers of Angolans depend on," evoking widespread resentment.

Kenya, Uganda and Egypt have to shelve their ambition to become oil-exporting countries, despite discoveries and deposits. This deals a blow to the expectation of their young people, who have hoped for a bright future. Rampant corruption and social injustice are the sources of many evils in these countries.

Libya is oil-rich and had earned the country immense wealth. The toppling of long-term leader Muammar Gaddafi in 2011 led to a power vacuum and instability, with no authority in full control. In recent years the country has been a springboard for migrants heading for Europe. The thousands of militia groups are fighting among themselves, with no end in sight.

The author makes a point that he is pessimistic about the impact of dropping oil prices on certain African countries, fearing it will slow their development, prompting young people, who make up more than half of Africa's population, to leave.