Many of Americans have began to feel happiness when paying at the gas station due to the cheap price of gas in the past few months. However, in reality, most of them do not realize that cheap oil, is actually bad for our U.S. economy. Morgan Stanley and Golden Sachs even have noted that they believe that the price will even plummet to as much as $20 a barrel in our nations upcoming future.
It is all part of a rippling affect, that first starts off with many oil companies having to lay off thousands and thousands of employees. Along with supply companies for the oil industries, consumer services, and employee housing also having to lay off thousands of employees as well. Therefore many businesses will have to close. This all will drastically affect our nations economy in a bad way.
All in all, laying off Americans, will leave many citizens without jobs. When businesses are forced to close down and Americans are forced without work, in actuality, our nation is predominantly better for some to suffer a little to pay more for gas, than our entire nations economy to suffer just because the gas price was not raised a little. I think that the oil industries and our average nations workers should both come together and discuss a price that is both beneficial for Americans and the oil industries to keep running.
URL: http://thesovereigninvestor.com/exclusives/10-oil-in-2016-u-s-economy-doomed/?z=463472
Yastine, JL. "$10 Oil Will Trigger Economic Collapse, Warns Economist." The
Sovereign Investor Daily 31 Mar. 2016: n. pag. Print.
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