yes, but if you deny there’s a ripple effect in the other direction, you’re not being intellectually honest.
When gas prices are low, consumer spending explodes, and as we all know, that’s the biggest juicer of job creation.....consumer spending. Leads to booms in housing, autos, vacations, business creation, and general overall optimism.
This is how economics works. The problems really happen when the change is so big and so quick that normal economic fleshing out doesn’t have time to occur. That’s been the unhappy history of energy since 2005...spiking way up and way down rapidly.
There is that explosion of consumer spending...
Since they brought in in the Daisy Bradford in West Penn in 1860. That was the first boom/bust.
Many have tried to corner and control it beginning with Rockefeller and Standard Oil. The first cartel attempt to control it globally(collusion) was in 1915 with Standard Oil of NJ(Exxon), Shell, and Anglo Persian(BP).
Even today in which a sizable portion of the industry is owned/controlled by governments they are still focused on market share and/or revenue