Plummeting Oil Prices - cheat sheet
Plummeting oil Prices - cheat sheet With the holidays around the corner, naturally my thoughts are turning to … oil prices. This will no doubt be a hot topic around many a dinner table (at least in Houston). So, as my gift, here are a few talking points that might be useful. A little background: Over the past six months, the price of a barrel of oil has dropped from $107 to less than $56 as of December 19 . This took prices to 2009 levels, and surprised just about everyone. Stock markets do not like surprises, and many global indexes have dropped, adding another wrinkle of worry to an already wobbly global economic recovery. Let’s consider some of the implications. The good news : For US consumers, this is excellent. A two-car family that drives 2,000 miles a month might have to buy 100 gallons. With the average price of a gallon costing $1.16 less than at the peak in April, that adds up to essentially a $120 a month raise. For American households, spending on gas is on track to