Oil prices have made a memorable nose dive in the past eight months, losing nearly half their value since the beginning of July. The drop is squeezing petro-dependent economies from North Dakota to Saudi Arabia, while making gasoline cheaper for everyone else.
And the ripple effect shouldn’t stop there.
Oil is used to make everything from golf balls to fertilizer. It’s the primary ingredient of the jet fuel for commercial airlines and the diesel that’s used by shipping companies. If oil continues to hold at five-year lows, it should be a shot in the arm for these and many other American industries.
The question is: Will those industries pass on some of their fuel-related savings to customers? Bankrate takes a look at six of them to find out.