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RBSA Advisors | Crude Oil Price Crash - Black Gold Loses its Glitter | Nachiket Kadu | Page 7 of 11 | November 23, 2024

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4 Impact of falling Oil Prices on Global Economy The United States: ? In the US, a fall in crude prices will have both positive and negative impacts. For many people, it will offer an excellent economic boost: cheaper oil means lower gasoline prices ? The EIA projects that US drivers will spend less on gasoline in 2015 than they did in 2014, assuming prices stay low. That will give consumers more money to spend on other things. ? But it's not all good news. Oil-producing states like Texas, Alaska and North Dakota are likely to see a drop in revenues and economic activity. The plunge in oil prices is having significant economic consequences around the world. A few examples: Europe: Growth in the European Union remains weak ? With Europe's flagging economies and weak growth, any benefits of lower prices would be welcomed by beleaguered governments. ? A 10% fall in oil prices should lead to a 0.1% increase in economic output. In general consumers benefit through lower energy prices. Asia: ? China, which is set to become the largest net importer of oil, should gain from falling prices. However, lower oil prices won't fully offset the far wider effects of a slowing economy. ? Japan imports nearly all of the oil it uses. But lower prices are a mixed blessing because high energy prices had helped to push inflation higher, which has been a key part of Japanese Prime Minister Shinzo Abe's growth strategy to combat deflation. 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2010 2011 2012 2013 2014 Million Barrel USA Annual Oil Production Benefiting Countries