Are Lower Gas Prices Bad for Your Economic Health?
December 11, 2014
A headline in USSR . . . er, I mean, USA Today says “yes” by declaring that declining oil prices may “Threaten the Recovery.” If this were true, then the 1970s would have been the most rubust period of economic growth in all of American history. So come on, OPEC, get your act together! Give us another oil crisis! Please!
In reality, the only thing that is “threatened” by declining oil and gas prices are the profits of the oil companies and the pay, perks and bonuses of oil industry executives. You know, the kind of people who spend BIG BUCKS advertising in places like USA Today.
Dr. Thomas DiLorenzo [send him mail] is a former professor of economics at Loyola University Maryland and a longtime member of the senior faculty of the Mises Institute. He is the author or co-author of eighteen books including The Real Lincoln; How Capitalism Saved America; Lincoln Unmasked; Hamilton's Curse; Organized Crime: The Unvarnished Truth About Government; The Problem with Socialism; and The Politically-Incorrect Guide to Economics.
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