Monday, January 5, 2015

Lower Gas Prices and the Economy

Lower Gas Prices: How Big a Boost for the Economy? - Real Time Economics - WSJ: ".... Economists also note that the effects on both consumers and producers could take a while to show up in official data. On the energy investment side, for example, it takes time for investment decisions to ripple through the market. Capital spending cuts might not happen suddenly because producers tend to hedge against short-term price declines by selling oil in the futures market. The benefits to consumers also accrue over time as drivers fill up their tanks. So far, lower gas prices have saved the average household around $80, according to ClearView Energy Partners. If prices were to stay at their current levels for a year, the savings could rise to around $340 a household. What about jobs? Don’t look for a big drag here. Goldman estimates that the main oil and gas production industries have added around 280,000 jobs over the last four years, or around 5,000 jobs per month. That’s a small share of total U.S. employment, since overall employers have added around 220,000 jobs per month over the past year."

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