Oil crashing is great! Low gas prices and Russia, Venezuela, and various middle eastern terror states all squirming. Sure, some good guys who base their entire economy on oil (Norway, I’m talking to you!) will get hurt too, sorry to hear that. But truthfully, I’m not seeing a big downside to this in spite of the press constantly trying to portray this as some sort of disaster.
I agree. It’s a win for the USA and our consumers. I know we have Putinistas around here who base their happiness on how thinks are going for Uncle Vladimir, but as long as he wants to use violence to intimidate his neighbors I hope his boyfriend’s butt grows shut.
Oil Production now represents almost 2-3% of U.S. GDP.
The FED has been talking about getting inflation up to 2-3%. As gas prices go down, and the related costs of goods goes down, they are going to start talking DEFLATION....
Deflation won’t pay off the debt, so Interest rates will have to go up, sharply.
Because oil and gas production are now, besides government spending, our only “Growth” industry, it means short term gains, long term pains.
Remember, we no longer have a “Significant” manufacturing sector. We CONSUME, we no longer PRODUCE.