Posted on 05/23/2015 7:20:57 AM PDT by dila813
WASHINGTON (AP) — If there was one thing most economists agreed on at the start of the year, it was this: Plunging oil prices would boost the U.S. economy.
It hasn't worked out that way.
The economy is thought to have shrunk in the January-March quarter and may barely grow for the first half of 2015 — thanks in part to sharp cuts in energy drilling. And despite their savings at the gas pump, consumers have slowed rather than increased their spending.
(Excerpt) Read more at news.yahoo.com ...
Private Land Oil and Gas Drilling.
When they pulled back investment, growth collapsed once again in the US.
Lots of jobs in the oil sector. One of the few growth sectors in the economy despite 0bama and his policies. Lower oil prices will mean even fewer of those “green jobs” Hussein loves so much.
cheap oil is bad because lies are truth.
That’s only because the rest of the private economy is still depressed by the policies of 0bama and Congress with no hope for improvement on the horizon. McConnell and Boners fault now.
Oil field investment and work was the only booming sector. The rest of the economy wasnt boosted by the lower prices as it is overwhelmed by 0dontCare et. al.
Oil and gas have not been cheap enough, long enough, to affect consumables; (i.e. food, energy, etc.). We need sustained cost reduction in order to lower prices and thereby boost the economy.
Exactly. The rest of the economy is not here to pick up the slack.
Just as the excess enthusiasm in drilling made the economy seem especially good, the irrational level of cut backs has made the decline especially bad.
Did this clown graduate from the Economics dept of university of obama? Cheap oil can “hurt” the economy because of the taxes involved will be smaller. In other words, the White Hut wants more suffering.
All the grand plans of the Obama Mastermind collapse
Yes, ridiculously cheap oil is bad for the US economy.
Diesel is what needs to get cheaper for prices to really settle. The price of it is ridiculous and adds into the price of everything.
The oil markets have been chaotic ever since Obama won the Democratic Nomination in 2008.
Recall how just before the 2008 Election, oil went up to $140 a barrel and by his inauguration, the price of oil crashed.
He then instituted policies that ran oil to above $100 and the back down to the current devastating price collapse.
The American oilfield worker is endangered and thousands are being laid off every week and Obama refuses to help maintain oil at a healthy $120.
Diesel and regular unleaded are at parity here for the first time in many years. $2.59.
What this article means to say is that dramatic changes to the economy may help millions, but hurt some people. So, yes, cheap oil can hurt, so can expensive oil.
Many, many people were hurt by expensive oil over time before the cheap oil finally provided them some relief.
After years of crushing prices at the pump, consumers could not just go on a spending spree with the money they saved from falling gas prices. We are not a bottomless well after all.
Its only bad because the rest of the economy is so hampered by taxes and regulations that it can’t take advantage of it.
and that’s low sulfur Diesel at that, imagine its price if those regulations weren’t put in place?
Diesel is way more efficient than gas. At these prices, I wish I could have a Diesel car.
Unfortunately, my income has gone down 22% since Obama’s been in office.
Cheap oil helps the economy. Big Government Obama, Democrat and RINO policies hurt the economy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.