I have spent most of my life working in oil, mining and some timber as well. We might just be facing a bigger problem than most can comprehend with cheap oil. At this point in time oil is laying off huge amounts of people and cutting back budgets. Where I am currently working BP has gutted their office complex. These include a lot of people with degrees. They have reduced about 50 %. Pretty significant. Now this is normal in a downturn and I have seen this before. Usually Those laid off head for the mining industry and vice versa. The point is that there used to be options open for these kind of skilled people. The mining and timber for all practical purposes no longer exist. What most people do not comprehend is how much of the economy is dependent on such industries. It is huge and most positions are above average in pay. . If the economy falls enough we may well see foreign ownership of much of our oil industry. This has alread happened in much of the mining industry . What mining there is, is for the most part controlled by foreign investment from Korea and Japan. The real danger is China. The economy claims the job picture is improving which I doubt, however most jobs created are probably low paying and don't provide enough to buy transportation and housing. If oil falls fast enough it may well be the catalyst that starts a downward spiral that cannot be stopped. I am already seeing some ugly things out there. Our economy is on a very fragile footing and me thinks it would not take much to topple that footing. In the end cheap gas may not be so cheap.