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Santelli is such an ignorant tool.
At the very end of the video… I still don’t believe these crazy claims that lower oil prices will cause consumers to spend more (and spend on other things). For one thing, the correlation between oil prices and the price of gas at the pump is indirect. Oil could go down 30% tomorrow and the price of gas barely ticks downward. Second, when I have to pay more for gas, it pisses me off, and it’s an expense I simply cannot avoid, but when I save a few bucks each time I visit the pump, I don’t think “Wow, with the 30 dollars I just saved on gas these past few weeks, I’m going to go out and buy a frieking pair of Crocs and an Iphone!” Does anyone really think that way? Who’s sales are going to improve from cheaper gas prices besides Walmart?
The thinking is people are going to do the same amount of driving regardless of gas price. So if gas costs less, they have more coin in their pockets. They spend whatever they have in their pocket. So they buy more other shit when gas prices drop.