gaspic

Image courtesy MSN.com
For years taking a trip to the gas pump was a journey filled with suspense and at some times–horror. The suspense wasn’t derived from whether or not it was going to be bad but rather from how bad it was going to be. But last year all of that changed and we were able to experience gas prices the lowest they’ve been since 2004. Many waited with bated breath for the other shoe to drop, waiting for gas prices to come roaring back up but that never happened. And now that we’re at the year’s end it is only natural to begin the process of looking back as well as ahead.
 
So the obvious question is, how long will these prices last? Well according to Credit Suisse and their 2016 Global Outlook report, low oil prices will continue until 2020. While this is in conflict with some other sources, BP being one, the consensus is that these prices will stick around for the next few years. And that even when the prices do eventually rebound they won’t see the heights they were at even 14 months ago where barrels of oil were going for triple digit prices. Right now they’re going for less than $40 a barrel.
 
So now for looking back. Just how much did these low gas prices save everyone during 2015? Well figures are coming in and according to this MSN.com article the sum is right around 115 billion dollars. That is not an insubstantial chunk of change to be sure. But all of those savings don’t come without a cost. And for some, the cost is an exorbitant one.
 
First of all, there’s the cost to the oil industry itself. It can be difficult to feel bad for the oil titans but you have to realize that they employ millions of people all across the globe and many of them are out of work now due to the struggling oil market. The oil industry in Britain in particular has been ravaged by the downturn in the market. And it has been estimated that between 2014 and 2015 the UK oil industry has lost 70,000 jobs.
 
It’s true that low oil prices seem like a boon to consumers everywhere but as much as people may have despised them, high gas prices were an effective deterrent and helped encouraged smarter energy usage. But now with lower gas prices people are using more of it. And sure, families are enjoying going on vacation more often and traveling further from home when they do–which is great, but it is not with consequence. That’s arguably the main thing to keep in mind about this issue. On the surface low gas prices may seem like quite the stroke of good fortune but there’s always another side to consider.
 
For more on these rock bottom gas prices head over to MSN.com.