It has been a truism of the American economy for decades: When oil prices rise, the economy suffers; when they fall, growth improves. But the decline of oil prices over the last two years has failed to deliver the usual economic benefits.
*But what if we can’t reach the future in time?
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Sales of electric vehicles (EVs) in the United States may not top one million until 2020, Energy Secretary Ernest Moniz said Thursday, showing purchases have fallen well below President Obama’s goal of reaching that number by 2015.
The cause is the plunging price of a barrel of oil, which has been cut roughly by more than 60 percent since the June 2014.
Low oil prices are rattling global markets and destabilizing economies around the world. They are also posing one of the first big tests to the United States banking system since the financial crisis.
Oil prices could fall further this year as the market faces an “enormous strain” on its ability to absorb new supplies from producers such as Iran, a top world energy monitor said Tuesday.
Gas prices have continued to drop across the state, but one area is seeing gas prices that are the lowest in the country. According to GasBuddy.com, Michigan is the first state that has welcomed back gas prices below $1 per gallon.
The fracking revolution is still largely misunderstood by the oil and gas industry. It helped the U.S. attain a measure of independence from imported oil but even today we import about 6.5 million barrels a day, equivalent to one-third of U.S. consumption.
Around 3.5 percent of the world’s natural-gas supply was wastefully burned, or “flared,” at oil and gas fields in 2012, according to the latest estimates from satellite data.
Natural-gas futures plunged Thursday after a government report showed a smaller-than-expected withdrawal last week, fueling fears over the high levels of gas storage.
