Low Oil Prices Hit Industry Giants Hard

Two oil giants this week released reports showing how their earnings have been impacted by the recent steep fall in oil prices.

BP on Tuesday reported a quarterly loss of $4.4 billion dollars in the fourth quarter of 2014, which the company attributes in part to falling oil prices.

On a similar note, Exxon Mobil on Monday reported a steep drop in revenue and profit, with both down 21 percent in the fourth quarter, over the previous year.

Jason Bellini joins Here & Now's Jeremy Hobson to look more closely at how low oil prices are impacting these companies.