We listen to the news daily and hear how our economy is recovering fast and that our nation should be booming shortly. Based on what you ask? Jobs of course. Or should I say a smaller number of people unemployed.
The question is, where are all of those jobs coming from? Could oil drilling have anything to do with it? Oh yeah. Check out the chart below showing where the economic growth (recovery) is located in the U.S. (The darker the color, the greater the growth — i.e., blue.)
Oddly enough that growth just happens to be in the same areas where all of the oil drilling is currently located..?! Imagine that!? Now what happens if that growth were killed by a reduction in drilling? Where would all of the U.S. growth be?!
Lower gasoline prices are nice, but there’s a cost of them being too low. What I am hearing is that if this reduction in oil pricing continues for longer than six months, there will be a job price to pay for that lower pricing. What a predicament.!?