Yes, Americans are happy gas prices are down, but that’s not enough to counter the malaise they are feeling in other parts of their wallets. It is also a bad forward indicator of economic strength in 2015.
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| May 16, 1961 – October 23, 2014 |
Sadly, I would not have known about this column by Terry Keenan had she not suddenly passed away last week. At the very young age of 53, Terry is tragically gone. It was very sudden, a cerebral hemorrhage. I
learned about it on theblaze.com. Because their story lacked information I wanted to know, I had to dig a little further into
Terry's life, especially
her editorial columnist work in the New York Post. That is how I found out about this editorial column that she wrote a week ago. As it turns out, this would be Terry's last column.
But there is something that was just a bit surreal for me regarding this column. The night before I found this column, I had been at a social gathering. Somebody said that it was just another political trick to lower gas prices right before this election. That was when I replied, "
No, you better worry about a sharp decline in oil prices, because that is only going to happen when the demand for energy declines. And why would that happen? Think about it; the global economy is going into a slump." The people that I told that to, being mostly conservatives like me, nodded their heads in solemn agreement.
As Terry wrote, "
It is also a bad forward indicator of economic strength in 2015." So, before reading this column by Terry, I was already on the same page. I know that it would seem that lower fuel costs will give Americans more available finances, but it may not work out that way. With lower energy prices, won't that also mean that the newly revived energy industry in America will also see lower revenues from their products?
And now for a reminder from Niel Cavuto just what Terry meant to us viewers.
RIP, Terry. Just sayin'...
Stepping on the gas stimulus
By Terry Keenan
October 19, 2014 | 5:17am
From nypost.com
Put this in the category of “be careful what you wish for” — certainly on this, the 27th anniversary of the 1987 stock market crash.
Oil, and with it, the price of gasoline, has plummeted about 10 percent over the past 10 days. According to AAA, the average price of a gallon of gas is hovering just above $3.15 a gallon, with prices below $3 in many parts of the nation.
Here in New York City, prices are at levels not seen since 2011.
All this, as much of the Middle East is literally in flames.
Citigroup put out a report on Friday that estimates the drop in gas prices to multiyear lows will add $1.1 trillion to the US economy — a “stimulus package” on steroids that would best the TARP bailout of October 2008.
Obviously, the drop in gas prices is great for drivers and typically a boon for the US retail economy. The less money you spend on gas, the more you can spend on other items.
But not so fast.
~~~ READ MORE on nypost.com ~~~
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