Millions of households are helped in North Carolina by low oil prices. More generally, low oil prices should serve as a wake-up call for our state leaders who touted oil as an economic boon for our state as they passed the recent “fracking” law.
But states such as Texas and North Dakota that build futures counting on high oil prices now face panic as crashing prices bring the prospect of collapse for oil-based budgets.
Thanks to our misguided political class, we have an oil-exploration law, but it seems the law of economics will allow us to escape the debacle oil brings because its price will remain too low to attract exploration in our state for some time to come.
We would do better in North Carolina to build our economy around good schools and smart infrastructure investments, not sugar-plum dreams about big oil bringing a sound economic strategy to North Carolina.