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Created with Fabric.js 1.4.5 Should Oil Prices Stay Low? Jobs Of Oil Industry Workers Some Economists The basic principal of economics is supply and demand. If the oil supply increases the price will drop and consumers will save money at the pumps. This is an example of a direct benefit of a oil price drop. An indirect benefit of a oil price drop is manufactured items will also costs less to the consumer. However, when the price of oil is lower, the Canadian dollar is also lower. The people who work on the oil rigs and who refine the oil will also lose their jobs. Those consumers will spend less. Consumer spending will help, not hurt the aconomy. Consumers can put money back into their pockets. They could spend the extra money on groceries or other products and that helps both families and the economy. People who invest their money into the oil companies could lose or not make as much if the prices stay low. The jobs may be lost due to a drastic drop in the price of crude oil. Nearly 23,000 direct jobs will be lost in the oil industry. I think it is good for the customer when oil prices are low. They don't have to spend as much money on gas for travelling. They can spend their savings on everyday things like groceries, movies, and other fun things. The price of a barrel of oil in January 2015 costs $ 48.84. The price has dropped 55% since July 2014. Price Of Oil Right Now Federal The drop of the oil price will hurt the economy because Canada is a oil making country. They think eventually the oil price might come back up to its normal price. My Opinion (When consumers retire, the money they thought they would have used for far away trips, going out for expensive dinners, and staying in a hotels.) Timeline
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