NFIB's Dunkelberg: Falling Oil Prices Are More Powerful Than Russian Sanctions

While falling oil prices are putting billions of dollars back in the pockets of consumers, NFIB's Bill Dunkelberg points out the positive effects for President Obama's foreign policy.

"Oil and gas revenues make up about 70% of Russia's government income," Dunkelberg says. "The rapid decline in oil prices has produced a dramatic decline in Russian revenues, which financed their oversized military budget."

Dunkelberg also calls for Obama to adopt policies opening up federally controlled lands and offshore sites.

"Further developing our oil supplies will keep downward pressure on oil prices, benefiting consumers worldwide whle creating thousands of new jobs in the U.S.," Dunkelberg says.

NFIB's web series Your Bottom Line With Bill Dunkelberg helps small business owners learn more about what drives the economy and how economic issues affect their businesses. William Dunkelberg, NFIB's chief economist and one of the nation's top experts on small business, entrepreneurship, consumer behavior and consumer credit policy, hosts the series.