Part of me wants to agree with you on energy prices.
However, I've been anticipating higher energy prices every month since the summer and the markets have proved me wrong pretty much every time.
I will say that both OPEC and IEA are forecasting less demand going forward than they have previously, and the anticipation of reduced demand does appear to be exerting significant downward pressure on prices.
So long as that holds true, and especially if the US can maintain energy independence, then oil prices could go a bit further down yet.
Certainly goods prices have been broadly in decline in the US for most of the year, although import prices have been generally on the increase.
While the US could be heading into a "lost decade" scenario vis-a-vis Japan in the late 90s, the economic stars are not at present lining up for a repeat of the 1970s hyperinflation/stagflation scenario. That could happen, but I don't think the precursors for that sort of event have appeared at this time.
Part of me wants to agree with you on energy prices.
However, I've been anticipating higher energy prices every month since the summer and the markets have proved me wrong pretty much every time.
I will say that both OPEC and IEA are forecasting less demand going forward than they have previously, and the anticipation of reduced demand does appear to be exerting significant downward pressure on prices.
So long as that holds true, and especially if the US can maintain energy independence, then oil prices could go a bit further down yet.
Certainly goods prices have been broadly in decline in the US for most of the year, although import prices have been generally on the increase.
While the US could be heading into a "lost decade" scenario vis-a-vis Japan in the late 90s, the economic stars are not at present lining up for a repeat of the 1970s hyperinflation/stagflation scenario. That could happen, but I don't think the precursors for that sort of event have appeared at this time.