The Patriot Post® · Contrary to the Rhetoric, Falling Gas Prices Are Good

Larry Kudlow: “Steep stock market corrections often create shrouds of pessimism that do bad things to people’s brainpower. And one of the absolutely stupidest things I have heard in recent weeks is that the recent drop in oil prices is bad. You heard me right. Serious people on financial television are saying lower oil prices are a signal of worldwide economic collapse. Here at home that translates to recession, deflation, a profits collapse and rising unemployment. I’ve been around for a while, and I’ve seldom heard such gibberish. … As a percentage of energy consumption, U.S. energy production has increased from 69 percent in 2005 to 85 percent currently. We’re almost self-sufficient right now. So a related knock-on effect is the significant reduction in energy imports, which is lowering our trade gap, strengthening King Dollar and increasing our economic growth. … Falling energy prices are so good for the economy that a new Republican Congress, in its first 90 days, should put a bill on President Barack Obama’s desk authorizing the Keystone XL pipeline, opening federal lands to energy development and ending oil export restrictions. Totally pro-growth. Let the GOP dare the president to veto it.”