Crude oil supplies continue to increase, pushing down the price of oil as a result, according to the US Energy Information Administration. However, an even further decline in oil prices is expected.
US Steel Corp. is responding to declining demand by laying off more employees and idling one of its iron-ore plants in Minnesota.
Speaking of layoffs, check out which companies had the largest percentage of drops in employee numbers during 2014. (Energy firms Chesapeake Energy and QEP are among them.)
Auto part supplier Chassix Holdings Inc., which supplies brake and powertrain components to major car makers like GM and BMW, has filed for bankruptcy.