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[–] brother_tempus 0 points 7 points (+7|-0) ago 

You are correct, what hurts is the displacement of jobs in oil that must be cut for companies to remain in businesses and competitive ... but deflation always helps the consumer

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[–] blinton [S] 0 points 5 points (+5|-0) ago 

Isn't the amount of oil jobs a small percentage of the overall economy though? I mean I would think that other companies gaining would off set the loss.

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[–] brother_tempus 0 points 5 points (+5|-0) ago 

You are correct ......

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[–] Feeling_my_goats 0 points 4 points (+4|-0) ago 

It is highly regional.

Somewhere like Texas or South Dakota has lots of oil jobs. Those places are hurt by the drop in drilling. New York's economy is highly tied to the financial industry. A drastic drop in commodity prices is often bad for the financial industry as well.

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[–] Germ22 0 points 4 points (+4|-0) ago 

It feels like everything these days is bad for the economy. The media likes to focus on the bad things, and likes to twist everything to make bad news. When the oil prices where soaring it was bad for the economy because transportation cost was going up, energy prices where costing businesses and people more.

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[–] Beers 0 points 2 points (+2|-0) ago 

Never trust someone that simplifies complex economic systems into either "good" or "bad" based on who is likely to be blamed for it.

So any mass media.

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[–] middle_path 1 points 3 points (+4|-1) ago 

When something is good for the people, but bad for the economy - we need to re-think the economic systems in place.

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[–] microlyfe 0 points 3 points (+3|-0) ago 

When something is good for the people, but bad for the economy - we need to re-think our definition of a good economy.

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[–] Rusti 0 points 1 points (+1|-0) ago 

Take a look at my glorious country, Canada. Recession #2 thanks to Harper focusing on oil.

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[–] Kotoran 0 points 1 points (+1|-0) ago 

It isn't bad for the economy. Saudi Arabia is selling oil for prices that are artificially low to drive out competitors. It is good for everyone besides oil companies, and they hardly need help.

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[–] CatNamedJava 0 points 1 points (+1|-0) ago  (edited ago)

Its because oil is a major input in a lot of goods and (major one) is need for transportation. As of oil output doesnt fluctuate a lot most sudden price changes come from demand side. If demand for oil drops oil prices drop. This means less goods are being tranported so that means economic output in general is dropping. though sometimes it is supply side increase like when the US shale boom happen and that lower price for oil is good for the economy.

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[–] PlasmaDistortion 0 points 0 points (+0|-0) ago 

I don't believe for a second that it is bad. It might be an indicator of the economy going backwards a bit but in the long run it means that the costs of other goods will drop as the cost of transporting them will drop.