Oil Prices Plunge; Russia's Ruble Hits Record Low

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Oil prices started today at a five year low, trading below $70 a barrel in what is proving to be the sharpest decline since the 2008 financial crisis. While consumers see the benefits of cheap prices at the pump, the world's oil producers are facing economic pressure.

The price drop comes as Russia, the world's largest producer, saw its ruble hit a record low on Friday, and countries like Nigeria and Venezuela are experiencing dire economic struggles. American shale oil will also need to hold its price to continue being commercially viable.

Here & Now’s Lisa Mullins speaks to Phil Flynn, who tracks the energy industry for the PRICE Futures Group, about the drop in oil prices.


This segment aired on December 1, 2014.


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