Josh Mitchell

speaker

438 appearances 7 recordings 1 series first heard Jul 2017 last heard Feb 2022

Josh Mitchell’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How $100-a-Barrel Oil Affects Your Finances Beyond the Gas Pump · 25 Feb 2022 podcast

So if you look at overall energy costs, they've already grown really quickly.

And some economists I talked to said that if oil stays at $100 a barrel in the long term, that could come out to about $750 on average for family costs this year.

In other words, families could spend $750 more on energy this year versus last year because of how high oil has gone.

You know, when Americans spend more on gasoline at the pump or on heating their homes, that basically deprives the economy of other types of spending.

So if you're spending more on gasoline, that might mean you're spending less going out to eat.

And that affects the local business owner, the local restaurateur.

Or it might mean that you don't go on vacation this year because

or take fewer vacations, which is going to affect the tourism industry.

So there's a lot of side effects that happens when gasoline prices and oil prices rise.

And basically, the overall effect is it could really cause consumers to rein in spending or cut spending in other areas.

If they're spending more at the pump, that's good for investors in the oil industry.

It might not be good for other industries that are not going to get that spending.

So the overall cost of living rose by 7.5% in January over the prior 12 months.

That's the inflation rate, 7.5%.

A big chunk of that was due to higher oil prices.

More than one percentage point was due to higher energy costs.

And basically, you have oil being a very big driver of the overall cost of living.

So it's a big part of this picture.

It's not the only part of the picture, but it's a big part of this picture.

And the way economists look at this is, how much higher will inflation go because of higher oil prices?

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