Make no mistake about it-extremely low oil prices can harm the US economy. It’s fragile jobs recovery can be put into a tailspin as more and more oil industry and oil-related jobs get cut in key oil-producing states. Job cuts by oil sector players can have a multiplier effect in the local economies where these companies operate. These job losses can drag down the health of the overall economy. Of course, this negative jobs picture assumes the greater US jobs market doesn’t firm up or the increased consumer spending made possible by cheaper oil doesn’t produce enough new jobs. Given this increasingly likely possibility, one would think Obama administration officials would be monitoring oil prices closely with one finger on the button of price intervention. Don’t hold your breath.