High gas prices suck money out of the economy

James Pethokoukis:
Did Rising Gas Prices Cause the Recession?
...
 Does this all sound a little bit too neat and tidy? Perhaps. But let me point out what Hamilton said is one way oil shocks affect economic growth. They tend to kill consumer sentiment, as this chart from Strategas Research shows:
He also demonstrates how previous oil shocks also caused recessions.  It is another reason why it is important to free up oil and gas production in this country.

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