Falling oil prices

Guests: Tom Kloza, Amy Myers Jaffe

Plunging crude oil prices may mean bargains at the gas pump, but for U.S. oil producers and the local economies they support, the news isn’t all good. The world oil market is, quite simply, in turmoil. There’s more oil being produced than ever before, particularly from the United States who has become the world’s largest oil producer. At the same time, demand for oil worldwide has declined. The volatility of oil prices has also created havoc in the global economy. This morning on Radio Times, we take a look at what the falling prices mean for consumers, the world economy and geopolitics. Guest host Jeff Brady talks with AMY MYERS JAFFE, Executive Director of Energy and Sustainability at the University of California, Davis and TOM KLOZA, global head of energy analysis at the Oil Price Information Service.