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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Appearances
And again, I'm talking about average.
Whenever someone asks me about do households have money, I'm talking about all households in the United States on average have a decent amount of money saved up.
Many economists in the private sector estimate that households collectively have more than $2 trillion in their savings accounts
above what they would have had there never been a pandemic.
The main reason why is because Congress approved a lot of stimulus money for households, a lot of unemployment insurance money.
A lot of that money is still sitting in bank accounts.
Now, the important thing to keep in mind, as I said on average, high oil prices, high gasoline prices do disproportionately hit lower income households.
And there is a concern that while in general, on average, the U.S.
economy can withstand this increase for now, and households on average can withstand this increase and absorb the increase and pay for it because of these savings, some households might not be able to, particularly lower-income households.
What happened was oil prices crashed around 2014, and investors lost a lot of money because of that.
And since then, investors have tried to take a steadier approach.
in terms of encouraging companies tied to the oil industry to drill in the United States.
It used to be that companies tied to oil exploration or energy exploration would drill really aggressively, try to get as much oil out of the ground as they could as quickly as possible, and then sell it.
Now they take a steadier, longer-term approach because they don't want to be affected by any dramatic increase or decrease in oil.
If oil comes back down by $20 later this summer, that could really affect investors and their profit margins.
And so they want to take a steadier, longer-term approach, which means that as oil prices rise, they might not be as inclined as they used to be to drill aggressively to make profits off of those high prices.
what high oil prices does is really creates a new headache for the fed because on the one hand high oil prices are likely to push up inflation which means if you look at it from that perspective it might make the fed more inclined to raise interest rates more quickly than without this rise in oil because of inflation on the other hand the fed is also concerned about economic growth
And it has a tight balancing act right now where it's trying to raise interest rates at a slow enough pace that it doesn't send the economy back into recession.
So some economists I talked to said, actually, rising oil prices could cause the Fed to more slowly raise interest rates because they don't want the economy to tip back into a downturn.
If this conflict is resolved quickly and Ukraine and Russia start to smoothly export oil to global markets, that could have an effect.
Showing 61–80 of 438 · page 4 of 22
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