Not mentioned is the reaction of the US energy industry. "Drill, baby, drill" has been a popular exhortation, but the paradox is that while weak oil prices benefit consumers, they also dampen the appetite for exploration and production.
The cost of new production has been estimated on average at anywhere between $47 to $65 per bbl. WTI. With prices below $60 currently, spending money on drilling is at best a push.
Let the market decide.
Low oil prices are a sign of a weakening economy. Less demand.
Leave it to the NYT to look for a downside to falling oil prices. Yesterday, “Oil prices rising under Trump!!!” Today, “Falling oil prices could mean trouble!!!”
Subsidize oil and gas instead of wind and solar.
OMG!! How will we survive this catastrophe? We are doomed! (sarcasm)
I saw a statistic somewhere that said no commodity is more correlated to both the CPI, and voter satisfaction, than the price NYMEX NY RBOB gasoline nearby month price.
In that case, Trump will remain quite popular.
High oil will kill Trump’s economy! Low oil will kill Trump’s economy! We are all doomed.
Oil prices go up? TRUMP’S A NAZI SOB!!!
Oil prices go down? TRUMP’S A *HEARTLESS* NAZI SOB!!!
Trump walks on water from his yacht to shore? TRUMP CAN’T SWIM!!!
(I think I see what’s going on here...)
The oldest principle in “journalism” is “find out who is hurt, and go interview him.”
RE: Oil Prices and Supply & Demand
Crude oil comes out of the ground.
Gasoline comes out of a pump.
What happens in between and how is supply & demand manipulated there?
If we could fast-track 2 new super-capacity refineries in the Midwest, everyone would be happy at $45/bbl crude.
Journalism logic?
Oxymoron.
Oh well, it’s their daily stretch to try and find something anti-Trump.
As for the rest of us, cheap energy is good.
And liberalism is poison.
Die, NYT, die, die, die.
Every price change has happy people and sad people. Consumers will be happy if this means the price goes down at the gas pump and the grocery store.
Don’t weep too much for the oil producers; they move their agile little feet to the profit side of the supply line, wherever that line happens to be at the moment.
If the price of crude drops too low, the incentive for more domestic exploration goes away as it becomes more difficult to recoup costs. While lower prices are a help to the overall economy, they are not good for Trump’s desire to more production here.
Oooooh. Scarewy. 🤡
Of course, the question is: what was the price 4 years ago?🤔
And how did that price compare to the price 4 years before that?
I'm no expert on oil prices but if I had a farm I'd bet it that the price of oil goes up and down.
So the NY Times is worried that there won’t be enough drilling of dirty oil and gas ?
only the NYT would pretend that lower prices is bad news, well at least while Republicans are in charge ...
What would we do without the NY Times to find the dark cloud in every silver lining.