Oil Prices Hit Seven-Year Low03:50
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An idled pump jack, once used to extract crude oil from the ground, sits above a well on the edge of a farmers field on January 21, 2015 near Ridgway, Illinois. With oil prices near a 5 1/2-year low, oil companies are beginning to slow drilling operations in the United States.  (Scott Olson/Getty Images)
An idled pump jack, once used to extract crude oil from the ground, sits above a well on the edge of a farmers field on January 21, 2015 near Ridgway, Illinois. With oil prices near a 5 1/2-year low, oil companies are beginning to slow drilling operations in the United States. (Scott Olson/Getty Images)
This article is more than 3 years old.

The price of a barrel of oil has steadily dropped in the last few months, hitting a low of seven years and dipping under $40 a barrel. Here & Now's Jeremy Hobson talks with Phil Flynn, an energy market analyst at Price Futures Group in Chicago, about what’s caused the drop and how it will affect consumers and the global economy.

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This segment aired on December 9, 2015.

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