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Larry Kudlow on Energy & Oil

 

 


Lower oil prices are unambiguously positive

Seldom has so much good news been portrayed so negatively. Oil prices continue to fall in the U.S. and around the world, but near everyone in the media is grumpy about it. The headlines today are among the silliest I've seen: Energy-company stocks are declining, oil deflation is an economic threat, Russia is going bankrupt(!), and on and on.

Well, most of this is just humbug. Lower oil prices are unambiguously positive.

U.S. oil production has nearly doubled in recent years to 9 million barrels a day. This is not only a triumph of U.S. energy independence, it is a victory for the workings of the free market. Greater supply, not government cartels, is driving down prices.

The American energy revolution, combined with the market forces of supply and demand, is delivering something on the order of a $125 billion tax cut. Not only have wholesale oil prices dropped from about $100 a barrel to $66, but gasoline prices have fallen from near $4 a gallon to $2.78 at the week's close.

Source: Townhall column, "Free market victory", by Lawrence Kudlow , Nov 30, 2014

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