Seldom has so much good news been portrayed so negatively. Oil prices continue to fall in the U.S. and around the world, but nearly everyone in the media is grumpy about it. The headlines today are among the silliest I’ve seen: Energy-company stocks are declining, oil deflation is an economic threat, the Fed might raise rates much later than expected, OPEC is dissolving, shale companies are going bankrupt, Russia is going bankrupt(!), and on and on.

Well, most of this is just humbug. Lower oil prices are unambiguously positive.

Recommended Stories

World oil production grows with help from Russia, as prices start to ease

North Dakota now has more oil than the Gulf of Mexico

Biden releasing nearly one-third of US oil reserves to combat inflation