White House: Falling Oil Prices ‘Good for the U.S. Economy’

‘As a general matter, the impact of falling energy prices has been good for the U.S. economy’

White House: Falling oil prices 'good for the U.S. economy' (The Washington Examiner)

The White House on Monday said that plummeting oil prices are “good for the U.S. economy,” implicitly arguing that the falling cost of gas outweighed the toll the development took on the stock market.

“As a general matter, the impact of falling energy prices has been good for the U.S. economy,” said White House press secretary Josh Earnest, as the price of U.S. oil Monday dropped below $50 a barrel for the first time since April 2009.

The Dow plunged more than 300 points in mid-day trading Monday, primarily because of the major drop in oil prices.

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