Falling oil prices don't scare Russian energy firms

Oil prices have been falling down in the world market for several months. On February 13, 2015 CNBC reported that the falling oil prices are suffering Russia as a state but it does not have the same impact on Russian energy firms. As the oil production reduced in Russia, the state's tax revenue decreased as well. However, the Russian energy firms do not get influenced as much as the state does. Instead, they endure the cheap oil storm better than other enerygy firms in foreign countries. There are two factors which help the Russian energy firms to bear with the falling oil prices. One of the fact is that since the Moscow's tax rate is borne by the state, they will lower the tax rate on producers when the cost of oil falls down. Another fact is that the expenses of the oil companies are dominated in their local currency, rubles. I found this article interesting since this case is an exception for theory of petropolitics. Although the price of oil continue to decreasing in Russia today, the state became more authoritarian. http://www.cnbc.com/id/102424564
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