U.S. Economy Strong Despite High Oil Prices

Publication Date: November 2005

Publisher: Heritage Foundation (Washington, D.C.)

Author(s): James Sherk; Samuel Hyman

Research Area: Economics

Keywords: Economy; gas

Type: Brief

Abstract:

Many Americans worry that that high energy costs combined with rising interest rates will plunge the U.S. economy into economic doldrums. The latest data, however, reveal that the economy continues to grow steadily despite these potential pitfalls. While a great deal of news analysis hypes weaknesses in the economy, the facts suggest otherwise.