Cheap oil is lifting US economy, killing Greens....
How does under $60 oil, headed lower, sound? Oil has declined 44 percent from its June price. Consumer joy, supplier angst.
Thanks to fracking, in spite of Greens . . . an equivalent tax cut of over $40 billion at a 30 percent drop, so figure that number is already $60 billion with a 44 percent drop. The trend should continue for years. Saudi Arabia is cutting price to press Russia & Iran, both of whom need high oil revenues to sustain their aggressions; Putin needs $100 oil, which provides 1/3 of Moscow's revenues & 2/3 of Moscow's exports. Hyper-leftist Venezuela gets 97 percent of revenues from oil sales.
And our president? In 2012 Obama said "we can’t just drill our way to lower gas prices.”
Bottom Line. If oil stays low, all the good effects will be credited by a supportive mainstream media to the president, despite his hostility to "drill baby drill" policies; voters likely will do the same.
Letter from the Capitol, LFTC, Economy, Conservative Politics