Saturday, November 1, 2014

The True Reason Gas Prices are Falling (Hint: It’s Not Because of Green Energy)

Stephen Moore

Stephen Moore, who formerly wrote on the economy and public policy for The Wall Street Journal, is chief economist at The Heritage Foundation. Read his research.

American workers and motorists got some badly-needed relief this week when the price of oil plunged to its lowest level in years. The oil price has fallen by about 25 percent since its peak back in June of $105 a barrel. This is translating to lower prices at the pump with many states now below $3 a gallon.m  At present levels, these lower oil and gas prices are the equivalent of a $200 billion cost saving to American consumers and businesses. That’s $200 billion a year we don’t have to send to Saudi Arabia, Kuwait and other foreign nations. Now that’s an economic stimulus par excellence.

There are many global reasons why gas prices are falling, but the major one isn’t being widely reported. America has become in the last several years an energy-producing powerhouse. And sorry, Mr. President, I’m not talking about the niche “green energy” sources you are so weirdly fixated with......To Read More......

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