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Lower gas prices fueling mixed results

With gas prices at six-year lows under $2 a gallon, as in a lot of things there’s a bad side to this decline, primarily the industry.

 

According to Fortune magazine, more oil rigs went idle week-before-last than any week in more than two decades. Crude oil prices have dropped more than 55 percent since last summer and are at their lowest level since 2009 thanks to worldwide oversupply driven, in part, by the U.S. shale boom as well as declining consumption in China and Europe.

 

Oil prices have remained under $50 per barrel much of the year. In recent months more and more oil drillers have announced plans to scale back their oil production.

 

This news is beginning to spark lay-offs in not only the oil industry, but other businesses, plus a slow-down in the sale of consumer goods as well, even retail—it’s a round-a-bout effect that ends up affecting everyone in the long-run.

 

It’s a boom goes bust!

 

The Federal Reserve Bank of Dallas said yesterday some 140,000 jobs could be lost statewide this year.

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