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Article: Low oil prices bad? Not a chance
- Article from:
- Chicago Sun-Times
- Article date:
- March 17, 1991
- Author:
CopyrightCopyright (null) Chicago Sun-Times. (Hide copyright information)
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"Low Oil Prices Are Bad, Some U.S. Experts Say."
- headline, New York Times, March 12, 1991
In April, 1986, Vice President George Bush flew to Saudi Arabia
hoping to "sell very hard" the idea of oil price "stability." Prices
at the time were crashing. The vice president was trying to prevent
"a continued free fall."
Lucky for us, Bush failed. The free fall continued and was
instrumental in breaking inflation, lowering interest rates, and
kindling the longest peacetime expansion in American history. Bush's
attempt to arrest the oil price decline was an example of economic
myopia and Texas provincialism at its worst. But Bush was backed by
a whole cadre of American experts who since ...