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The Implications of Lower Oil Prices for the US Economy Amid the Shale Boom
Reports by James Stock • December 04, 2014
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Reports by James Stock • December 04, 2014
Oil prices have fallen nearly 40 percent since June, translating to a drop of nearly $1 in gasoline prices. Declines in oil prices are generally seen as an economic windfall for net petroleum importers, like the United States. As the United States becomes a much larger oil producer as well, however, lower prices create different winners and losers. This policy brief explores the overall economic impacts of a sharp drop in oil prices for the United States. It was co-authored by Center Founding Director Jason Bordoff and Harvard University Professor James Stock, who served until July 2014 as a Member of the President’s Council of Economic Advisers.
China’s demand for oil, long an important driver of global oil demand growth, slowed dramatically during January–September 2024. Between 2000 and 2023, China accounted for 50 percent of...
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Reports by James Stock • December 04, 2014