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October 14, 2014

Oil price drop could squeeze U.S. economy

  • Two factors behind the oil-price drop — a weaker global economy and a stronger dollar — could reduce U.S. exports, employment and spending.
    • By JONATHAN FAHEY
    AP Energy Writer

    NEW YORK — If you're a driver, a shipper or an airline, low oil prices sure feel nice. But there are downsides to the recent plunge in oil prices — for the oil industry and for the economy.

    Low fuel prices can help boost economic growth by reducing fuel bills and leaving consumers and companies with more money to spend on other things. Problem is, two factors behind the oil-price drop — a weaker global economy and a stronger dollar — could hurt the U.S. economy by reducing exports, employment and spending. And all that, in turn, could outweigh the economic benefit of cheaper fuel.


     
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