In light of the recent gas price lows, everyone for the most part, including myself, has been cheering on this seemingly budget friendly advantage. What use to cost drivers $65 and up to fill up their gas tank has now been almost cut in half. I for instance use to spend about $40 to fill up my Toyota, and now only have to spend about $25. Talk about a win! These major gas price lows take me back to the years 2006-2007 when I only had to pay about $20 to fill up my first car in high school. But while these new gas prices are nostalgic for some, they bring back negative memories for others who remember the time when layoffs were huge and many people lost their jobs.
Low gas prices at the pumps for us unfortunately mean job layoffs and company budget decreases for oil and gas industry employees. Seeing as how the oil and gas industry employs many Americans, news of the slashing prices of oil have resulted in less money and funding available to support current jobs and projects. This means that while many Americans have been seeing the benefit of low gas prices in their pockets, many more Americans and their families have been seeing the negative effect of this economic tradeoff. What seemed to be the most lucrative career choice, working in oil and gas, has now become the most risky, forcing many Americans to look for new jobs of equal or better pay.
For more information related to this issue, read this article published by The Street: Cheap Oil Is Dangerous For America Despite Consumer Savings