PHILADELPHIA (CBS) — Economist Chris Butler, while assessing the overall state of the economy, cautioned that lower oil prices could have negative consequences that offset of cost of gasoline.
Speaking with Chris Stigall on Talk Radio 1210 WPHT, Butler said as oil and gas prices fall, jobs are put at risk.READ MORE: 65% Of Philadelphia Employees Have Received COVID-19 Vaccine As Of Tuesday
“I don’t think it is that good for our economy. I think that would be fine thirty years ago…Especially, in Pennsylvania, you guys have, and Eastern Pennsylvania, you guys have a lot of energy jobs out there. What would happen if natural gas and oil both dropped to historically low levels? You would feel the pinch there in Pennsylvania. Philadelphia would see it for sure, some kind of drop in employment because more than ever, our economy does employ a lot of people in energy.”READ MORE: 16-Year-Old Ahjaon Jackson Shot, Killed While Coming Home From Work With Twin Sister, Philadelphia Police Say
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