The Patriot Post® · Tumbling Oil Prices Are Unambiguously Good

Larry Kudlow: “Seldom has so much good news been portrayed so negatively. Oil prices continue to fall in the U.S. and around the world, but nearly everyone in the media is grumpy about it. … Lower oil prices are unambiguously positive. … 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. That’s a tax cut. With no big-government spending hikes. … Year-on-year economic growth is still only 2.4 percent. It ought to be running 4 to 5 percent. And 200,000 new jobs a month ought to be twice that rate. For this we need more pro-growth economic policies from the new Republican Congress, especially lower corporate tax burdens and regulatory rollbacks. But the entrepreneurial, free-market energy revolution has given us a big step in the right direction. Can we please be optimistic about it?”