oil prices

When oil prices shot up a few years ago, many transportation and delivery businesses started adding fuel surcharges to their prices.

Now, fuel prices are plunging, but lots of those surcharges still linger, and consumer advocates are crying foul.

The drop in the cost of oil is a huge factor in the airline industry, where 30 percent of all expenses are for fuel. But airlines, along with other industries with large fuel expenses, have been slow to respond with lower prices.

Oil prices are down than more than 25 percent since June and are staying low for now. Drivers may appreciate that, but for oil companies, it's making some of the most controversial methods of producing oil less profitable — and in a few cases, unprofitable.

As Oil Prices Fall, Who Wins And Who Loses?

Oct 16, 2014

With oil around $85 a barrel and tumbling to its lowest levels in several years, here's the upside: Gasoline prices are down, the U.S. is feeling less dependent on foreign crude, and serious economic pressure is growing on oil producers such as Iran and Russia.

Here's the downside: The low demand for oil reflects a fragile global economy that's vulnerable to additional shocks, like falling stock markets around the world.

Forty years ago this week, the U.S. was hit by an oil shock that reverberates until this day.

Arab oil producers cut off exports to the U.S. to protest American military support for Israel in its 1973 war with Egypt and Syria. This brought soaring gas prices and long lines at filling stations, and it contributed to a major economic downturn in the U.S.

The embargo made the U.S. feel heavily dependent on Middle Eastern oil, which in turn led the U.S. to focus on instability in that region, which has since included multiple wars and other U.S. military interventions.