Crude Oil Is the Most Important Natural Resource of the Industrialized Nations. It Can Generate Heat, Drive Machinery, Fuel Vehicles and Airplanes. the Oil Producing Nations, With Their History of Booms and Busts, Are In the Deepest Downturn Since the 1990S, If Not Earlier. They Have Been Making Millions or Billions of Dollars from the Higher Prices But Are Now Finding Themselves In Trouble. One of the Main Reasons Behind This Changing Oil Prices Is Fall In Demand of Oil In the International Market. United States Domestic Production Has Nearly Doubled Over the Last Several Years, Pushing Out Oil Imports That Need to Find Another Home. Saudi, Nigerian and Algerian Oil That Once Was Sold In the United States Is Suddenly Competing For Asian Markets, and the Producers Are Forced to Drop Prices. Also With the Emerging Technologies Vehicles Are Becoming More Energy-Efficient. So, Demand For Fuel Is Lagging. the High Price of Oil Is Partly to Blame. and Because of the Steep Oil Price, Many Countries Have Decided to Save Oil By Using Less of It. the Result Is That Today the World Is Awash With Oil Simply Because the Demand For It Has Gone Down. Its Impact Can Be Seen In All the Major Economies of the World As Well As on the Major Industries and Stock Markets. It's Having a Great Impact on Russia, the U.S., Saudi Arabia, Europe and Asian Countries. the 3 Major Areas of Economic Consequences Due to Fall In Oil Prices Are-The Impact on Inflation, Consumer Spending, and Auto Sales. It Ha ...