The steep drop in the price of oil in July 2015 was a concern for traders. Drillers and other energy companies comprise a significant portion of the S&P 500 index. “The upside to falling oil is that all the money that drivers are saving at the gas pump should mean more spending by them at stores — and a faster-growing U.S. economy. But Americans are choosing to pay off debt instead of going shopping.” Is this a bad thing? In reckoning it as such, Wall Street analysts are missing the big picture, even financially.
The full essay is at “Wall Street Defining American Society.”
Gas at a station in January 2015 (ABC News)