I need someone much smarter than than myself to explain why all the news sites are talking a out oil prices dropping as if its the end of the world. Let me explain it how I see it and you can call me stupid and tell me how it really is.
1. Oil prices go down due to huge supply of crude outpacing demand
2. As a result, gas prices go down, causing huge savings for the average American and a loss of profit for shitty money grubbing oil companies
3. Americans turn around and pump extra money into the economy or start to save a little more.
4. Economy grows. Oil execs make a little less profit (probably not enough to hurt their business. But maybe enough to only get a 5 million dollar bonus instead of 10 million)
5. More spending across the economy leads to higher wages and more jobs in non energy sectors
Obviously I'm missing something cause the doom and gloom seems really stupid to me. Can someone explain how all of america saving a little dough is the end of the world?
Excuse my grammar and spelling errors. Typing on a small phone screen.