Posted on 04/03/2016 2:35:44 PM PDT by Lorianne
The U.S.'s embarrassment of oil riches may not have been that beneficial after all.
Those are the findings of a recent Goldman Sachs report, in which the bank explained that the net effects of cheaper crude on growth have been "negative so far," given the impact on oil producers who are now finding it hard to churn out more black gold while maintaining needed levels of capital expenditures.
Although Goldman acknowledged a lift to consumer spending, the summary constituted an admission that the virtues of the boom that sent U.S. oil production skyrocketing, leaving world markets awash in inexpensive crude, may not have delivered the economic boost many observers had anticipated at its outset.
"While cheap oil has … become 'too much of a good thing' for growth, the employment impact of lower oil prices is likely still positive, reflecting the modest effect on employment of the capital-intensive energy sector," Goldman wrote.
(Excerpt) Read more at cnbc.com ...
I smell another Goldman bailout coming!
Tank full of gas and no job. Weird. Democrats must be in charge.
Not here in Los Angeles it isn’t. $2.99/gal
As U.S. shale drillers suffer, even the bankrupt keep pumping oil
http://www.freerepublic.com/focus/news/3417162/posts
#24 18.4 cents per gallon in federal gas taxes. 40.62 for Calif state gas tax.
Calif politicians are wanting even higher taxes.
http://www.ocregister.com/articles/state-696048-gas-tax.html
democrats in complete charge, the ensuing destruction reveals itself on all fronts.
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.