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The Downside of Falling Gas Prices

February 13, 2013 by Bernard L. Weinstein

Bernard L. Weinstein, National Journal The recent drop in crude oil and gasoline prices is good news for businesses and households, especially as the summer driving season gets underway. But the downside of falling prices is that politicans, the media and the public will stop focusing on energy as a critical public policy matter. Indeed, the positive effect of $4.00 gasoline was to drive home the reality that America does not have a sound, domestically targeted energy strategy and that we need one both for economic and national security. A slowing world economy is largely responsible for falling energy prices, as is the easing of tensions with Iran and increased production from Saudi Arabia and other OPEC countries. Most of Europe has slipped back into recession, the economic recovery in the U.S. appears to be losing steam, and even fast-growing countries like China and India are recording lower rates of economic growth, thereby muting energy demand. But when the global economy starts growing again, oil supplies will tighten and prices will go up. Read More


Author

Bernard L. Weinstein
Bernard L. Weinstein

Bernard L. Weinstein is Associate Director of the Maguire Energy Institute and an Adjunct Professor of Business Economics in the Cox School of Business at Southern Methodist University. He has taught at Rensselaer Polytechnic Institute, the State University of New York, the University of Texas at Dallas, and the University of North Texas. He has authored or co-authored numerous books, monographs, and articles on the subjects of economic development, energy security, public policy, and taxation. His work has appeared in professional journals as well as the popular press. He earned an A.B. degree from Dartmouth College and an M.A. and a Ph.D. in economics from Columbia University.

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