Editor’s Note: A drop in oil prices might seem like a good thing at first (cheaper prices at the pump for one), but they can also symbolize a weak global economy. Cheap oil and gas prices may also negatively impact renewables. Although as some analysts have pointed out, wind and solar energy tend to be more closely tied to generating electricity, whereas oil affects transportation needs so the competition is minimal. But, as you can see from the infograph posted here by VoucherCloud, fluctuations in oil prices impact many things in everyday life, both good and bad.
As VoucherCloud points out on their website: “The price of oil has historically had a huge affect on the global economy, but how does it impact on our lives in general? Research has unearthed some fascinating facts in the event of oil price fluctuations. The impact of oil price changes meant average car insurance premiums increased by 2% in the final quarter of 2014, which was the first quarterly increase since 2011.”
Check out the full infograph and read the intriguing factors that are affected by price movements of oil.