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Low Oil Prices Hit Industry Giants Hard

Regular gas cash price is displayed for $1.79 a gallon at a Mobil station January 6, 2015 in Livonia, Michigan. BP and Exxon Mobil attribute their loss in earnings to the steep fall in oil prices. (Joshua Lott/Getty Images)
Regular gas cash price is displayed for $1.79 a gallon at a Mobil station January 6, 2015 in Livonia, Michigan. BP and Exxon Mobil attribute their loss in earnings to the steep fall in oil prices. (Joshua Lott/Getty Images)

Two oil giants this week released reports showing how their earnings have been impacted by the recent steep fall in oil prices.

BP on Tuesday reported a quarterly loss of $4.4 billion dollars in the fourth quarter of 2014, which the company attributes in part to falling oil prices.

On a similar note, Exxon Mobil on Monday reported a steep drop in revenue and profit, with both down 21 percent in the fourth quarter, over the previous year.

Jason Bellini joins Here & Now’s Jeremy Hobson to look more closely at how low oil prices are impacting these companies.

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