In 2014 the gas prices were sky high and a lot of people complained about the gas being really expensive. Now in 2015 the gas prices are falling, which is making people really happy, but also making a lot of people worried about what’s going on.
Oil prices are falling because of supply & demand. Demand has slowed down, but since 2008, the U.S has increased our supply by 50%.
Oil production in states like Texas & North Dakota has doubled in the last six years. From 2008 to 2013 the oil & gas extraction industry created more than 100,000 jobs while the overall market shrank by 970,000.
Another reason that gas prices are going down is because Saudi Arabia is dousing the world with its oil right now, which is making the gas prices going down. As recently as 2012, President Obama declared that "the problem is we use more than 20 percent of the world's oil and we only have 2 percent of the world's proven oil reserves."
The gas prices are the lowest they have been in five years.
A lot of people are happy about the gas prices are going down. The prices are down to $1.98 which is really cheap, and a lot of people are having more money in their wallet.
I personally think the gas prices should stay low; I don’t think anyone should spend over $3.00 for a gallon of gas.