Pump it up!

With a weakening world economy and a strengthening US dollar, commodity prices are falling and that’s good news. In particular, the price of West Texas Intermediate crude has fallen from a 52 week high of $110.85 to $81.50, a drop of $30/bbl. Since every $10 decrease in the price of oil adds about 0.33% to GDP, if the price remain this low, it could boost GDP by 1%. That’s huge!

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