Loading ...We heard the opposite in the late 70s, that oil ($3 to $40) was involved in practically everything and higher Oil was making everything cost more. Naturally the Media blamed the United Auto worker too because their wages were going up lock step with cost of living.
Gold went up 75% with that 1930s deflation. $19 to $34? 75% again? $2800? Looks too cheap.
This cheap oil, is going to kill electric vehicle sales, and other gas saver cars. And the shortage of pilots? That’s going to reverse. And the artificially cheap airline tickets? That will probably also reverse too because a lot less travelers to divide the costs, less volume equals higher unit prices. Henry Ford figured that out. Higher volume lower cost.
I remember when the our US Oil producers were using our oil. Our rig guys were getting $35/hr a lot of money back then, but overseas $3/hr or a day, I forget. Same thing happened after 1971 with US manufacturers, that had their/our products made overseas and re-imported.
I think TPTB are doing a rain dance.