Impact of Low Crude Oil Prices on the US Economy

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Impact of Low Crude Oil Prices on the US Economy

Abstract

Oil behaves just like other commodities that exhibit wide price swings in periods of oversupply or shortage. Throughout much of the twentieth century, the domestic and international industry prices of crude oil have been greatly regulated through price controls or production. Recent downturn in the prices of crude oil will obviously have the most serious bearings on the exploration segment of the industry. This research paper addresses the impacts of low crude oil prices to the economy and major industries that are dependent, both directly and indirectly on crude oil within the United States.

Introduction

The world requires oil for various purposes such as operating oil-powered irrigation plants, to plant…