Are Low Oil Prices Good or Bad? Yes

0621_WTIC_Crude_Oil_Prices_Per_Barrel_HistoryIt 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.

Six Years Later, 93% of U.S. Counties Haven’t Recovered From Recession, Study Finds

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. . .

via Are Low Oil Prices Good or Bad? Yes | Power Line.

As Steve noted, it’s remarkable that Obama hasn’t told us about that, isn’t it?

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About NEO
Lineman, Electrician, Industrial Control technician, Staking Engineer, Inspector, Quality Assurance Manager, Chief Operations Officer

2 Responses to Are Low Oil Prices Good or Bad? Yes

  1. the unit says:

    The Good, the Bad, and of course the Ugly. I doubt I can describe what I mean in a comment or a whole blog article. It another relational thing to consider. Obama’s finger wagging? Probably can’t beat the settled science of Slick Willie… good or bad…it depends on what the definition of is is. That’s the there there and with all these characters, the Ugly Ugly. 🙂
    In a nutshell though. Few years ago I was told food and merchandise prices would rise due to increased fuel costs. They did. Now I don’t see any forecasts they will come down with lower fuel costs. That’s where I notice as this retiree doesn’t drive much now anyway.
    Now it’s close to time to make arrangements for final expenses. Maybe lower fuel costs will help.
    Maybe the deal with Iran will make arrangements for me. I do procrastinate in these matters though. 🙂

    Liked by 1 person

    • NEO says:

      Ha! I noticed that myself, how prices go up with fuel costs but seem much stickier about coming down. Hard to say, isn’t it? Always good to be prepared, of course, but there might be a better deal on down the road. 🙂

      Like

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