{"id":2042,"date":"2014-11-25T14:28:41","date_gmt":"2014-11-25T19:28:41","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2042"},"modified":"2014-11-25T14:28:41","modified_gmt":"2014-11-25T19:28:41","slug":"what-low-oil-prices-mean-for-the-u-s-economy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2042","title":{"rendered":"What Low Oil Prices Mean For The U.S. Economy"},"content":{"rendered":"

What Low Oil Prices Mean For The U.S. Economy<\/a>.<\/p>\n

For the last 4 years, the national average retail price of gasoline in the United States stayed within a range of $3.25-$4.00 a gallon. But that all\u00a0changed this fall<\/a>, with U.S. consumers now paying an average price of $2.82.<\/p>\n

\"72<\/p>\n

This usually is the time of year when gasoline prices tend to be at their lowest. But the current U.S. price of gasoline is exactly what we\u2019d predict given the\u00a0long-run relation between the price of gasoline and crude oil<\/a>. There\u2019s essentially no seasonal component in the price of crude. In other words, if crude stays at its current value (namely, Brent at $80), the lower price of gasoline is here to stay.<\/p>\n

The current price of gasoline is 80 cents\/gallon below what it has averaged over the last 3 years. Last year Americans consumed 135 billion gallons of gasoline. That means that if prices stay where they are, consumers will have an extra $108 billion each year to spend on other things. And if the\u00a0historical pattern holds<\/a>, spend it they will.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

What Low Oil Prices Mean For The U.S. Economy. For the last 4 years, the national average retail price of gasoline in the United States stayed within a range of $3.25-$4.00 a gallon. But that all\u00a0changed this fall, with U.S. consumers now paying an average price of $2.82. This usually is the time of year […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[1423,588,592,841],"class_list":["post-2042","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-gasoline-price","tag-oil","tag-oil-price","tag-us-economy"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2042"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2042\/revisions"}],"predecessor-version":[{"id":2043,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2042\/revisions\/2043"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}