“Because the economy, such as it is, is running on nothing but the fumes from effectively-zero interest rates.”
And, we he some temporary immunity from high gas prices. Not too long ago, if someone farted in the Middle East, oil would go up $10.00/barrel. Without fracking, given the present state of the Mideast, oil would probably be $120/barrel.
The decline in gas prices may be all that saves this year’s end-of-year consumer spending blitz from a catastrophic shortfall. The real unemployment rate is dangerously high.