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Listen: Were still a consumer driven economy in consumers that benefit from low oil prices

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Justin Sullivan
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And get a piece gold are we heading for another resection so I know oil has been the mixed and the conversation as well but the lose realy all about China well I mean so so what what happened in oil courses to a large extended not not by any means entirely do what's happening in time that one of the things about a really driving up oil prices over the last few years has been not extra ordinary demand from China in other places and developing world but that's a wallowing that that easing demand for for oil imports low oil prices are very bad news for North Dakota other bad news for rare per Texas their bad news that you're Exxon Mobil they're not necessarily bad news foodie economy is a whole right and we still lot we still import you know at a significant jungle held at a much lower percent and so that was before the fracking boom were still a consumer driven economy in consumers that benefit from low oil prices it's not the slam dunk that it was a few years ago while before we started producing a much a well but on balance low oil prices are are probably still law still beneficial for the US economy at least if not necessarily the global economy you know i too much before that China may not have a huge impact here if it doesn't fall off a cliff economically speaking what what would that be considered by the way cause growth the still what right room I didn't China say roughly six point nine percent if we believe their numbers right well so that's the big question China follows the their their growth rate with six point nine percent last year that the slowest rate of growth in a in a quarter century there but it's still comes pretty good compared to what we've been seeing in the US at a you know big question is whether we should believe those numbers and I think a lot of analysts would say that that growth in China probably isn't as a high is that but there there's clearly still growing has an economy you know we we exports some the China we have important lot from China but in China is not that that big eighty piece of of our economy and the larger figures what could happen to global financial markets have China really completely melts down then the Mac instead of global financial ripples that can could eventually leap to the slower lending here in the US which could hurt could hurt US companies and certainly in feel we could do could push the US into a recession but there's not really much a reason to to see that coming and at this point we spend been councilman chief economics writer at five thirty eight dot com.