The Idiots Guide to, ‘What’s Up With Oil Prices?!’ [VIDEO]

How much do we love the price of gas right now?! $24 bucks to fill up my Tucson! Down from $45! My fuel oil bill has been cut in half and I love it! So we obviously know what the up sides are for the consumer, but is it good for the global economy?I've taken an article from the New York Times as my source to try and simplify what this record setting downturn in oil prices means, so even I can understand it because it's complicated. The fact is that since June 2014, the price of oil has been cut roughly by more than 60%.

Who does this affect? 250,000 oil workers have lost their jobs. Oil producing nations like Venezuela, Nigeria, Ecuador, Brazil, and Russia are suffering economically and sometimes politically. In the U.S., Texas, North Dakota, Oklahoma, and Louisiana are facing some tough times.

Why the price drop? Simply put it's a question of supply and demand. Domestic production in the United States has doubled over the last several years which means we don't need to import nearly as much oil as we have in the past. But still, many oil producing countries continue to pump oil even though the demand has decreased which in turn continues to keep prices low.

The general consensus from the "experts" predicts that oil prices will eventually recover but it's going to take awhile. For the companies who pump the oil to the local fuel oil companies, from all the articles I've read, it's going to be a long tough 2016. For the consumer, now's the time to take that cross country car trip!

Listen to Ethan Carey on the Ethan & Lou Show weekdays from 5:30-10AM on 95.1 FM. You can listen online at i95rock.com/listen-live/ or by downloading the radioPup app for your mobile device.