Adam Wall

Good old days

                We are coming back to the good old days, although candy is not a nickel and people are on their phones 24/7, gas prices have dropped off the edge. Oil has been lowest in over 5 years, even with inflation. Prices here in Iowa are almost under two dollars, something I thought I’d never see again. Competition is heated and supply is at an all-time high.  A lot of countries are really taking a hit from the fallen prices while buyers really like the lower cost.

                Russia is entering a recession thanks to the oil prices dropping. Their country’s economy is going down the drain and inflation is at extreme rates all because oil is less profitable. Other countries whose economy is dependent of oil like Saudi Arabia and United Arab Emirates can survive on the lower prices for a while due to reserves. If oil stays non profitable, these countries might have serious issues. There are a lot of countries dependent on oil as well, more than just the Middle East and everyone’s economy will take a hit if the world doesn’t prepare for change. Countries like Saudi Arabia know that oil will not last forever, other technologies, short supply, and many others reasons will cause oil to continue to fall out of the market. Countries need to figure out other sources of income because sooner or later, oil will fall off the charts and bad things will happen if countries aren’t prepared for it. Their economies will crumble just like Russia’s. 

                The drop in oil prices, although it sounds great right now, might crush a lot of countries. Hopefully investments in newer energy sources will help with this cause along with creating cleaner, renewable, and more efficient energy. Oil maybe is important and good right now for the world but hopefully we can all start leaning away from it and moving on away from black gold.