Hard to imagine a scenario where the subject of @cam_langford's story doesn't come up during today's hearing on icebreakers. Give it a read in any event because it is (as usual!) quite well done. courthousenews.com/lower-oil-pric…
Excerpt:
“Lower oil prices dropping as they have from $70 to $50, with the current level of U.S. production at about 11.5 million barrels a day, that’s going to take $80 billion off the top of GDP [gross domestic product],” said Ed Hirs, a Uni of Houston energy economics prof.
“Lower oil prices dropping as they have from $70 to $50, with the current level of U.S. production at about 11.5 million barrels a day, that’s going to take $80 billion off the top of GDP [gross domestic product],” said Ed Hirs, a Uni of Houston energy economics prof.
Employment will drop, as will income taxes, property taxes and state and local taxes on oil and gas production, Hirs said.
