Are Low Oil Prices Good or Bad? Yes
January 19, 2016 2 Comments
It seems that oil prices, like climate temperatures, are an all-purpose villain, when they go up they hurt the economy, and when they go down, they hurt the economy, and when they stay put, they are a drag on the economy. Steven Hayward had something to say about it yesterday.
There’s just no pleasing some people.
When oil and gasoline prices at the pump are high, liberals (and Bill O’Reilly) complain that the oil companies are gouging us, even though certified enlightened opinion among environmentalists is that cheap oil and fuel prices are bad because it encourages consumption and makes it harder for their (subsidized) renewable energy unicorns to compete in the marketplace. I still have somewhere the New York Times headline from 1991, the second-to-last time oil prices were this low, that read “Low Oil Prices Are Bad, Some U.S. Experts Say.”
“Experts” would say that. That’s why they’re experts. (Or “top men,” as they’re rightly called in Raiders of the Lost Ark.)
But there is a bit more to the story, that you likely haven’t heard.
More than six years after the economic expansion began, 93% of counties in the U.S. have failed to fully recover from the blow they suffered during the recession.
Nationwide, 214 counties, or 7% of 3,069, had recovered last year to prerecession levels on four indicators: total employment, the unemployment rate, size of the economy and home values, a study from the National Association of Counties released Tuesday found. . .
As Steve noted, it’s remarkable that Obama hasn’t told us about that, isn’t it?