Oil and the U.S. Economy

By: Erin Tate
By: Erin Tate

Economists said oil prices have been on the rise recently in anticipation of lower supplies from the Middle East.

But now that the U.S. Shock and Awe military campaign has begun, JMU economy professor Dr. Bill Wood said prices are headed downward.

“If there were a successful end to the war within the next couple of months then most forecasters will look for very strong third and fourth quarter growth. It would remove the last obstacle in a full economic recovery,” Wood said.

Wood said the confidence that additional oil will be secured is what pushes gas prices down. He also said tourism and travel industries have not been positively affected by the war.

But overall, a successful war is a good thing for the American economy.

50 North Main Street Harrisonburg, VA 22801 540-433-9191 - Switchboard 540-433- 4028 - Fax 540-433-2700 - News Fax

WSVF Public Inspection File

Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 267416 - whsv.com/a?a=267416