For a pretty good stretch, the price of a barrel of oil was about $90-$100, but now the price is around $35 or so. That's a good bargain for some consumers, but on the other hand, thousands of oil workers aren't working and plenty of companies that bet on oil prices staying high are going out of business. The simplified explanation
is that the current oil supply exceeds the demand for it -- and it takes some time/politics for oil production to adapt. Oil prices might start to go back up significantly in 2017, but in the meantime, there are about 68 oil projects around the world worth about $380 billion that are on hold for a while.
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