GDP component
Personal Consumption Expenditures [$11.501 trillion].
Durable goods, [autos-furniture], financial and health care services.
Business investment includes purchases to produce consumer goods and business equipment.
New Construction in Real estate.
Government spending added $3.125 trillion to the economy in 2013.
U.S. imports a lot of petroleum, International trade deficit subtracted $569 billion from GDP.
The indirect economic impact of foreign oil includes major U.S. Defense Depart. spending on troops, ships, weapons and equipment deployed around the globe to protect the free flow of oil.
When $330 million [was $700millions in 2007] exits the U.S. economy each year, that’s equivalent to roughly three million jobs lost. Paying for gasoline at the pump serves as a regressive tax on lower-income families, especially the 40% of Americans at or near the poverty line.
An increase in US oil and gas production, and reduction of consumption will create a boom in the economy, less inflation and less international problems.
Prices of oil will collapse by 2017. OPEC will reduce quota of production of oil and reduce prices in order to make US production cost more than buying for $35/Barrel.
Just a thought
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