Oil prices have declined for the fourth straight year in a row. Low oil prices are good for the consumer and the world economy. Low oil prices act as a check on inflation. Oil industry workers lose their jobs, many small wells are permanently sealed, and the exploration for new oil sources drops off. Low oil prices have another side effect.
People use more oil when oil products are cheap.
This can create a Catch-22 situation because we may depend more and more on foreign oil to keep up with demand. We depend on these products, and, as consumers, we demand them. Petroleum production and petroleum products can contribute to air and water pollution. Drilling for oil may disturb fragile ecosystems whether on land or sea. Transporting oil may endanger wildlife and the environment if it's spilled on rivers or oceans.