Gas Prices Rising

The oil industry is collapsing and gas prices are starting to rise. Layoffs have been reported at 200,000 jobs worldwide. Nationwide, we have Schlumberger -20,000 jobs, Halliburton -18,000 jobs, Baker Hughes -13,000 jobs, among others. The numbers have been compiled by our data reporting neighbor, Continental Resources, also based in Oklahoma City. 

(Source: Forbes)

What does this mean for our economy? Since the writer at Forbes is unable to make the conclusion, here it is. For some reason, American oil companies are collapsing, while the Middle East continue to harvest oil. As a result, the American economy will continue to depend on foreign oil, while a few American companies will benefit from the dependence on foreign oil. Therefore, gas prices are rising.

The real real questions to ask are: why are American oil companies shutting down? Why aren't there more gas saving solutions available to the nation? And why are current gas saving solutions being targeted by the media?

The editor of this blog remembers purchasing gasoline in California @ $5/gallon.