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by yywwbbn
1308 days ago
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> US benefits when oil prices increase I’m not sure about that. Generally the US economy benefits from lower oil prices and I think that outweighs any losses incurred by the oil industry. That’s especially relevant now with inflation being such a huge concern. |
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Before the 2010s, yes. But not now, not in this era of Shale. It has changed everything.
"Oil prices do have an impact on the U.S. economy, but it goes two ways because of the diversity of industries. High oil prices can drive job creation and investment as it becomes economically viable for oil companies to exploit higher-cost shale oil deposits. However, high oil prices also hit businesses and consumers with higher transportation and manufacturing costs. Lower oil prices hurt the unconventional oil activity, but benefits manufacturing and other sectors where fuel costs are a primary concern." [1]
1. https://www.investopedia.com/articles/investing/032515/how-o...