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What Does $70 Barrel Oil Mean for U.S. Economy?

The U.S. economic recovery is on solid footing, supported by historically low unemployment, job growth and consumer spending. But one component that has not experienced similar growth of late is the oil sector. The price per barrel of oil dropped from $70 in 2014 to $26 in 2016, causing a ‘ripple effect’ from the oil producers to stocks, bonds and the overall economy.

Since that nadir, oil prices have steadily risen back into the $70 range, climbing 60% since last summer. That rally has been buttressed by production cuts by the world’s largest oil producers, which eliminated a massive glut, amid soaring demand.

U.S. producers are exporting more crude oil than ever, which could benefit the U.S. economy.

Still, there is a concern that rising crude prices may hinder economic growth. Higher gas and other energy products act as a tax of sorts that consumers must pay. Rising oil prices could push inflation higher, causing the Fed to bump interest rates more aggressive, too. The net result is that could slow growth and drag the stock market down.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Economy