Ray From Cleveland
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- Aug 16, 2015
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Again, everything is correct here, but it is BECAUSE we began to export more, our economy now less benefits from oil price drops. The economic growth of lower gas prices is offset by loss of American energy sector profits and jobs. On the net we now benefit less from low oil prices than in the past.
When oil prices first plunged in 2014, there was hope that cheap gasoline would be a giant stimulus for the U.S. economy. Federal Reserve Chairwoman Janet Yellen cited a statistic that the average household would save $700 in fuel costs.
Two years on, it’s not at all clear that oil prices provided a major net boost to economic growth. As oil prices declined, many U.S.-based oil producers were forced to sharply curtail their drilling activity. Waves of layoffs followed in the oil and gas industry. The drop presented both good and bad news for the overall U.S. economy.
Why the Stimulus from Low Oil Prices Never Really Boosted the Economy
I couldn't read the article because it disappears after 30 seconds or so unless you subscribe. However going by what you posted, JP Morgan had an exact opposite take on it:
How Falling Gas Prices Fuel the Consumer | JPMorgan Chase Institute