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Article Review #2 - Oil Prices


            The article I chose to review is Oil Prices: What's Behind the Drop? Simple Economics written by Clifford Krauss from The New York Times. This article was posted on October 5, 2015 on http://www.nytimes.com/interactive/2015/business/energy-environment/oil-prices.html?_r=0. The article is an estimated four pages long. The author has been a correspondent for The New York Times since 1990. He currently is a national business correspondent based in Houston, covering energy. Before working at The Times, he worked as a foreign correspondent for The Wall Street Journal and was the Edward R. Murrow fellow at the Council on Foreign Relations. He is author of "Inside Central America: Its People, Politics and History," (1991). He has published articles in Foreign Affairs, GQ and Wilson Quarterly, along with other publications. .
             The article "Oil Prices: What's Behind the Drop? Simple Economics" is discussing how the oil industry, with its history of booms and busts, is in a new downturn. The writer talks about how earnings have decreased for companies that have made record profits in recent years, leading them to decommission more than half their rigs and sharply cut investments in exploration and production. He also mentions the fact that more than 200,000 oil workers have lost their jobs and manufacturing of drilling and production equipment has fallen sharply. Krauss explains that the cause is because of the shocking price of a barrel of oil, which has been cut approximately in half since June 2014. .
             ¬†After carefully reading this article I personally believe that Krauss is trying to inform us about why the price of oil has been dropping so fast and why it is happening now. He also writes about who is benefiting from the price drop, and who is losing. I feel that he is trying to inform us about why the reason the price of oil has been dropping so fast is because of the supply and demand for oil.


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