Oil & Gas Prices and the Economy

Recent oil prices seem good to the average consumer. Anyone on the road is saving about $2 a gallon since the recent drop in gas prices. However the economy and oil industry are suffering because of it. The most basic response to why the oil prices are dropping so quickly is simple supply and demand. The United States production of oil and gas has almost doubled over the last 6 years. Now the foreign oil we used to import from Suadi Arabia, Nigeria, and Algeria needs a new home. Which means the oil needs to be priced competitively for the new asian markets they are entering.

http://www.nytimes.com/2015/01/13/business/energy-environment/oil-prices.html?_r=0