Letters

05/24/2004
Stimulate the economyA critical look at Andrew McKillop's first two paragraphs (OGJ, Apr. 19, 2004, p. 18) suggests that his counterintuitive notion is more likely just plain wrong. He notes that US oil and gas prices increased over 200% from 1998 to 2003, and that the US economy was growing at over 7% in late 2003, leading him to the conclusion: High oil and gas prices stimulate the economy.His selective use of data leads him to that wrong conclusion. First, oil prices were recovering from a modern day low set in 1998 caused by an unexpected meltdown in the SE Asian economy coinciding with a sudden spurt in Iraqi oil production and a too-high quota set by OPEC. So the price increase ...
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