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The impact of falling fuel is under appreciated.
"The professional fields are going to feel the impact of falling corporate profits," Mr. Brown said.
Sir John Browne, BP's chief executive, sought to play down the impact of falling prices.
It said Scotland was largely insulated from the impact of falling oil revenues because it was part of the UK.
Inevitably, our activity this year has been dominated by the impact of falling revenues and cost-cutting measures across the business.
If prices fall, this process goes viciously into reverse, and a credit crunch can amplify the impact of falling prices.
The impact of falling oil prices on thousands of jobs and tax revenues have caused panic in the political establishment of both Westminster and Edinburgh.
It is closely monitoring the impact of falling oil prices on the health of firms dealing in commodities, since higher debt burdens intensify the pressure on banks.
Furthermore, he claimed, public spending was essential to ward off a potential recession - cushioning the economy from the impact of falling confidence among consumers and businesses.
Merrill Lynch, meanwhile, thinks the IEA underestimates the likely rate of decline.Falling costs within the industry will offset the impact of falling investment budgets to some extent.
Analysts believe the world's most valuable business will attract a lot of interest from potential investors, but warn that the Saudis could underestimate western concerns about Aramco's traditional secrecy and the impact of falling oil prices.
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