Oil Prices Plummet Amid Global Unease

06:30

October 14, 2014

Oil prices are at a four year low. One of the contributing factors is the shale boom, as on the Bakken Shale in North Dakota. Pictured here Scott Berreth, a derrick hand for Raven Drilling, works on an oil rig drilling into the Bakken shale formation on July 28, 2013 outside Watford City, North Dakota. (Andrew Burton/Getty Images)

The International Energy Agency said today that demand for oil will grow much slower than expected next year.

Weak global demand and a flood of supply from the shale boom in the United States have caused oil prices to drop nearly 20 percent since June.

This means gasoline prices are falling. But it could be trouble for the economy.

Here & Now's Jeremy Hobson speaks to Phil Flynn, who tracks the energy industry for the PRICE Futures Group about what the drop in oil prices means for the economy.

Guest

Phil Flynn, energy market analyst for PRICE Futures Group. He tweets @EnergyPhilFlynn.

This segment aired on October 14, 2014.