Buyers happy, 8 groups unhappy re low oil prices....
AEI economics maven James Pethokoukis explains why eight powerful groups hate falling oil prices: (1) Enviro-extremists who want us to pedal or take mass transit; (2) doomsayers; (3) Big Oil companies; (4) oil-producers; (5) US petrostates--Alaska, Louisiana, Texas; (6) urban planners; (7) pro-alternative fuel regulators; (8) central banks.
JP presents a chart showing minutes of work at average US hourly wage to buy enough gasoline to drive 100 miles, 1975 - 2015; this measure encompasses miles per gallon as well. In 1975 a worker had to labor for 55 minutes to drive 100 miles; in 2015 the same worker need toil only 24 minutes, a shade below the 24.3 minutes at the prior post-1973 oil price lowest point in 1998.
Bottom Line. The Obama administration is siding with the opposing forces, but market forces could well trump all efforts to keep prices artificially higher.
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