In December 2014, as gas prices had plunged over 20% YoY, Janet Yellen proclaimed “from the standpoint of the U. S… the decline we’ve seen in oil prices is likely to be, on net, a positive,” and that narrative of slumping gas prices being “unequivocally good” for Americans was spewed everywhere across linear-thinking mainstream media. So we wonder, with gas prices up 22% year-over, the fastest spike since 2011, is that “unequivocally bad” for America?
Remember when Janet Yellen, and all the tenured economists in her circles said that plunging gas prices are great for the consumer?
The dramatic plunge in oil prices might be spooking some investors, but Janet Yellen isn’t worried at all.
The Federal Reserve chief believes oil tumbling is like a tax cut for American consumers.
This post was published at Zero Hedge on Jan 8, 2017.