Falling oil prices typically help the global economy. Consumers have more money if they aren’t paying as much for gas, so they spend money on other things which stimulates the economy. Falling oil prices should also mean oil producers are making less money. But this isn’t necessarily true today. Some countries have built up reserves when oil prices were high, to minimize the effect of lower prices. Other countries are experiencing high inflation and economic damage from lower oil prices, subtracting from global growth. Listen to hear more about the effects of cheap oil today.
Story Length: 3:52
AIR DATE: 03/09/2016