[ti:Some Economic Surprises from 2014] [ar:Mario Ritter] [al:Economics Report] [by:www.51voa.com] [00:00.00]From VOA Learning English, this is the Economics Report. [00:05.30]2014 was a year of several economic surprises. [00:11.05]On today's program, we look back at some of them. [00:15.36]First on our list, [00:17.46]is the unexpected drop in the price of oil that began in June. [00:23.00]Often, low oil prices fuel growth, [00:27.16]but this year the price drop [00:29.91]has helped some countries while hurting others. [00:33.27]Increased American oil production [00:36.83]is one reason for the drop in oil prices. [00:40.39]Experts say slowing economies in China and Europe [00:45.42]have reduced demand for oil. [00:48.06]Japan's economy also slowed and then went into recession. [00:54.06]Increasing supply and decreasing demand [00:57.94]usually result in falling prices. [01:01.21]In the past, [01:02.89]the Organization of Petroleum Exporting Countries, OPEC, [01:07.78]has reacted to price drops by decreasing production. [01:12.45]But this year that did not happen. [01:15.82]At OPEC's meeting in November, [01:19.10]members chose to leave production levels unchanged. [01:23.69]The huge drop in the price of oil this year [01:27.67]helped create another major story: Russia's slowing economy. [01:33.50]Russian officials said [01:36.58]they expect the country's economy to shrink in 2015, [01:41.48]or go into recession. [01:43.78]Two reasons for this are reduced income from oil sales [01:49.44]and the effects of restrictions placed on Russia [01:53.91]because of its actions in Ukraine. [01:56.82]The exchange rate for Russia's currency, the ruble, [02:02.31]has dropped sharply against the dollar. [02:05.10]In mid-December, [02:07.33]the European Union agreed to increase sanctions against Russia. [02:12.23]They include restrictions on finance and tourism in Crimea. [02:18.44]The U.S. economy showed signs of strengthening this year. [02:24.36]The Department of Commerce [02:27.08]says the U.S. economy grew at a rate of 5 percent [02:31.47]from July to September. [02:33.47]Also, 2014 saw the Dow Jones Industrial Index -- [02:39.46]a widely reported stock market measure -- [02:42.60]extended above 18,000 for the first time. [02:47.44]And the human face of America's central bank changed in 2014. [02:55.34]The U.S. Senate confirmed Janet Yellen [02:59.27]to lead the Board of Governors [03:01.27]of the U.S. Federal Reserve System in January. [03:05.60]She is the first woman to lead the nation's central bank [03:10.69]in its 100-year history. [03:13.12]And in a major surprise, [03:16.05]President Barack Obama announced an end to sanctions against Cuba. [03:22.22]The change in policy will permit increase trade [03:26.69]in financial dealings between the two countries. [03:30.50]The United States cut diplomatic relations with Cuba in 1961. [03:37.82]And that is the Economics Report from VOA Learning English. [03:44.63]You can find more reports at 51voa.com. I'm Mario Ritter. [03:53.42]¸ü¶àÌýÁ¦Çë·ÃÎÊ51voa.com