Introduction
Over the last one year, the global oil price has declined rapidly by approximately 50 percent. The drop in the oil prices may have largely been as a result reduced global growth prospects. Analysts argue that the rise of the U.S dollar in relation to other currencies played a significant role in the oil prices decline (Energy Information Administration, 2014). The decrease in the global oil prices has led to a significant impact on the U.S economy. In essence, the price drop has reduced the cost of living while increasing the real consumers’ incomes. The real income gain has ...
