Lower Oil Prices Impact Florida’s Economy
By: Tracey Lowe
Florida’s GDP is expected to reach $1 trillion per year by 2020. However, there are challenges and disruptions on the horizon. Gas prices are at their lowest level since 2008, which is great for consumers but not so great for international trade. A sudden drop in oil prices can dramatically affect the currencies of some of Florida’s largest trading partners like Canada, Brazil and Venezuela, whose economies rely on petroleum exports.
When our trade partners do not have the purchasing power to buy as many Florida-origin exports, slowdowns of international trade and lower job creation could result. With international trade accounting for one-sixth of Florida’s economy and supporting one million jobs, how will decreases in Florida-origin exports affect the long-term health of our state economy?
To learn more about energy and international trade in Florida, save the date to attend the Florida Chamber Foundation’s 2016 Future of Florida Forum on September 28-30 in Orlando.