The below chart illustrates U.S. oil production (in gold) vs. FED's balance sheet (in blue), and how overproduction from accommodative monetary policy resulted in the sharp decline in oil prices, creating a
systemic risk that was again transmitted from financial and commodity markets to the real economy (in job losses and slow growth in Texas and other oil
producing states, as well as the decline in headline inflation, pushing the Federal Reserve further from the price stability objective):