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The drop in oil prices is causing production companies to scale back on investment — earning less profit.

Is It True That Low Gas Prices Hurt the Economy?

By Heritage Foundation Kelsey Harkness——--January 9, 2015

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Low prices at the pump are good for consumers, but are they hurting the American economy?
Though oil prices fell below $50 per barrel as of Monday, Jack Gerard, CEO of the American Petroleum Institute, the largest U.S. lobbying arm for the oil and natural gas industry, expressed little concern. Speaking at the annual “State of American Energy” event yesterday in Washington, D.C., Gerard said, “While there may be volatility in the short term … longer-term we [the oil industry] contribute stability to the price and to the global marketplace.” More...

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Heritage Foundation——

The Heritage Foundation is the nation’s most broadly supported public policy research institute, with more than 453,000 individual, foundation and corporate donors. Heritage, founded in February 1973,  mission is
to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense.

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