Pump it up!
06/11/2012 | | Crude Oil, Gas pricers, Gas prices and GDP growth, West Texas Intermediate, WTI. price of WTI
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!