it's as easy as it sounds
Interesting article in Time.
What's Behind (and Ahead for) the Plunging Price of Oil
I'm no expert on the economy (ha), but..
"If gasoline drops $1.50 the $900 that Joe Average Driver saves would amount to a big stimulus package. According to Ed Leamer, director of the UCLA's Anderson Forecast, the current price slide could drop another $200-to-$250 billion into consumers' pockets, given that as of the second quarter personal spending for gas fuel oil and other energy was about $442 billion on an annualized basis. By way of comparison, Wal-Mart's U.S. stores took in $240 billion in the last fiscal year. "For consumers, it's welcome relief," says Medlock. And because the U.S. is out of its peak summer driving season, there's not too much of an incentive to drive a lot more just because gas prices are down."
..I have to think with an Obama presidency, that's going to mean by next summer the economy won't be nearly quite as sucky. That and the article I read the other day about home sales seeing their biggest gain in five years. I wish I had pulled out everything I had from the stock market 5 months ago and been able to put some of it back in now (and then some), but as I've learned (the hard way, the only way to really learn) it's pretty much glorified gambling. The people making obscene amounts of money aren't necessarily the type of people I want to be long term, and while this whole financial crisis has helped educate me (and served as really expensive entertainment) I don't really want be obsessing over 2 or 3 or 4 or 800 point drops every other day, you know? Money is evil when you don't have much, or too much. (Not to mention it's come at what's looking like a major crossroad in my life, and it couldn't have been worse timing.)
What's Behind (and Ahead for) the Plunging Price of Oil
I'm no expert on the economy (ha), but..
"If gasoline drops $1.50 the $900 that Joe Average Driver saves would amount to a big stimulus package. According to Ed Leamer, director of the UCLA's Anderson Forecast, the current price slide could drop another $200-to-$250 billion into consumers' pockets, given that as of the second quarter personal spending for gas fuel oil and other energy was about $442 billion on an annualized basis. By way of comparison, Wal-Mart's U.S. stores took in $240 billion in the last fiscal year. "For consumers, it's welcome relief," says Medlock. And because the U.S. is out of its peak summer driving season, there's not too much of an incentive to drive a lot more just because gas prices are down."
..I have to think with an Obama presidency, that's going to mean by next summer the economy won't be nearly quite as sucky. That and the article I read the other day about home sales seeing their biggest gain in five years. I wish I had pulled out everything I had from the stock market 5 months ago and been able to put some of it back in now (and then some), but as I've learned (the hard way, the only way to really learn) it's pretty much glorified gambling. The people making obscene amounts of money aren't necessarily the type of people I want to be long term, and while this whole financial crisis has helped educate me (and served as really expensive entertainment) I don't really want be obsessing over 2 or 3 or 4 or 800 point drops every other day, you know? Money is evil when you don't have much, or too much. (Not to mention it's come at what's looking like a major crossroad in my life, and it couldn't have been worse timing.)