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Tag: US oil boom

California Pumpjack (Joel Pollak / Breitbart News)

US GDP Temporarily Stalls Out, Similar to 1986 Oil Crash

U.S. economic growth stalled out in the first quarter of 2015 as the domestic energy boom caused a short-term collapse in capital spending, large lay-offs in the oil industry, and a 15 percent jump in the exchange rate of the US dollar. A pattern of slowing GDP just before a consumer spending boom takes off is consistent with what happened the last time a big rise in U.S. crude oil production tanked gasoline prices beginning in 1986.