The low price of gas is impacting oil producers and thousands of American farmers. The prices are expected to stay cheap for a little while longer too.
Oil prices dropped into negative territory Monday, April 20, meaning demand for oil had collapsed so much, producers were actually paying refineries to take it, who then give it to the gas stations to sell to drivers.
Investment Advisor Mark Grywacheski got into the topic Monday, April 27. He told us how the drop in oil prices is affecting our economy. He says they're good for drivers and businesses, but they're bad for the energy sector. That accounts for about 8% percent of the U.S. economy and about 6% of the U.S. labor market.
"As the U.S. energy sector becomes impaired, it starts to negatively impact manufacturing, construction, transportation, and so many other key components of the U.S. economy," he said Monday morning.
Grywacheski says the prices for crude oil are a very delicate balancing act, good for some, but bad for others. Your Money with Mark Grywacheski airs every Monday in between 5 and 5:30 a.m. on Good Morning Quad Cities.