Do you believe that oil prices were the major cause of the economic downturn in our nation?

Eveytime there is the least sign of an upturn the oil prices jump then down goes the economy again if it really did have an upturn. Why does Washington continue to ignore this and why haven’t they tried to take control of oil prices since they want to control everything else. I think keeping oil prices down would boost the economy just as letting it skyrocket out of control buried our economy.

16 Responses to “Do you believe that oil prices were the major cause of the economic downturn in our nation?”

  1. OGRE!!! Says:

    the price of oil is small peanuts and is neither a cause nor a contributor. recall the first time oil skyrocketed was in 2004/5 and we were fiscally "stable" then.

    this recession was created by the bursting of the housing bubble in 2005, followed by a huge increase in mortgage defaults causing lending giants (like lehman broz and AIG to fail). the domino effect ensued causing nearly everything to crash and here we are.

  2. Mike C Says:

    It was a major contributing factor.
    Skyrocketing oil prices began after Cheney had the private/closed door meetings with the oil companies, and he let them write our energy policy.

    People were already trying to make ends meet with the whole housing debacle, and to add insult to injury oil/gas prices spiked thereby increasing inflation at the fastest rate in the last 35 years. This was the straw that broke the camels back.

  3. Thedude27 Says:

    I think more a contributing factor than a major cause. Chinese manipulation of their currency is a major cause, that you dont hear a lot about.

  4. Seldon Surak II Says:

    It was a contributing factor, but mainly our problems were caused by lack of regulation on financial corporations, along with a massive downturn in the housing market.

  5. PJ Says:


  6. Political Floss. Says:

    Well, one of the major causes.

  7. brown9500.v9 Says:


  8. Invisible Says:

    It did seem to be a trigger but not the cause.

  9. bluechristy Says:

    YES I think that was / Is a major part of it . The price of gas and Diesel affects every thing that needs to be shipped by Semi Truck which affects prices every where . Then we find that we do not have as much money because we put it all in the gas tank or Home heating and electricity.
    Thumbs down Does Not change the facts BTW.

  10. crazy2all Says:

    No, I believe it was the shady loans that contributed the most.

  11. Warren T Says:

    It didn’t help but I would say it was the economic collapse in the United States. Our economy is so big that when it goes bad the whole world suffers.

  12. Rick Says:

    No, although rising oil prices will come back to haunt us again over and over in the future.

    Our current problems were caused by greed! Wealthy people who made horrible loans to get rich or richer quick when they knew that they were inflating the value of real estate and the value, therefore, of the mortgages on that real estate.

    Eventually the market burst but the rich already had their profit out. So the rest of us now have to suffer the loss in our home equities and our retirement funds that invested in those overvalued mortgages.

    Greed! Greed! It’s all about Greed!

  13. Michael P in NJ Says:

    I think it was a factor, but not a major one. The biggest factors were tax cuts for the wealthy and corporations that outsource, thus killing jobs and driving down wages, and deregulation making the nation’s economic infrastructure dissolve.

    Face it, if the economy was booming, as it was in the Clinton years, nobodoy would be complaining about $4.50 a gallon for gas, because they would have been able to pay for it. Ah, but it never was $4.50 a gallon under Clinton, or any other President, was it? Just under Bush. As of right now, it’s about half that under Obama.

  14. Dan K Says:

    While oil prices may be a major concern to the U.S., it is the purchasing of our debt (including loans and securities) by China and a number of middle east countries that puts our economy in the most serious danger. When you control the financial affairs of another, you own them!
    TO DOUGLAS: Well said.
    TO NIBIRUS: Others pose serious questions pertinent to saving our economy and all you can do is produce articles from left-wing propaganda blogs? I guess liberalism truly is a mental disorder.

  15. Douglas L Says:

    The real estate/banking collapse was the major cause of the downturn.
    Oil prices were a minor factor. The USA would be happy to pay just $10 per barrel until all the oil in the world was used up. However the rest of the world will not sell at that price. The USA has no control on the world price of oil. Also think of this. Almost all new oil will cost much more than $10 per barrel to produce. No one is going to try to get this oil unless they make a profit on it.

  16. Nibirus-Planet X= 2012~! Says:

    i can Lead ya to the Water but i can’t make ya Drink it…….!