![\"コラム：原油100ドルでも米国の消費が腰折れしない理由\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/03\/FAYRN36TRVKWJOXDMFMNLQSMDI.jpg\")
<\/p>\n<\/p>\n
\u5199\u771f\u306f\u7c73\u30ef\u30b7\u30f3\u30c8\u30f3\u3001\u9023\u90a6\u8b70\u4f1a\u8b70\u4e8b\u5802\u4ed8\u8fd1\u306e\u30ac\u30bd\u30ea\u30f3\u30b9\u30bf\u30f3\u30c9\u524d\u30673\u670819\u65e5\u64ae\u5f71\u3002REUTERS\/Nathan Howard<\/p>\n
\uff3b\u30aa\u30fc\u30e9\u30f3\u30c9\uff08\u7c73\u30d5\u30ed\u30ea\u30c0\u5dde\uff09\u3000\uff12\uff13\u65e5\u3000\u30ed\u30a4\u30bf\u30fc\uff3d – \u9ad8\u3044\u77f3\u6cb9\u4fa1\u683c\u3092\u597d\u611f\u3059\u308b\u4eba\u306a\u3069\u5b58\u5728\u3057\u306a\u3044\u3060\u308d\u3046\u3002\u81ea\u52d5\u8eca\u306e\u904b\u8ee2\u3001\u652f\u51fa\u3001\u30a8\u30cd\u30eb\u30ae\u30fc\u96c6\u7d04\u7684\u306a\u7d4c\u6e08\u6d3b\u52d5\u304c\u3053\u308c\u307b\u3069\u5927\u898f\u6a21\u306b\u884c\u308f\u308c\u3066\u3044\u308b\u7c73\u56fd\u3067\u306f\u306a\u304a\u3055\u3089\u3060\u3002\u3060\u304c\u3001\u305d\u3046\u3057\u305f\u4e0d\u5b89\u3068\u306f\u88cf\u8179\u306b\u3001\u5e73\u5747\u7684\u306a\u7c73\u56fd\u306e\u6d88\u8cbb\u8005\u306f\u73fe\u5728\u3001\u539f\u6cb9\u4fa1\u683c\u304c\uff11\u30d0\u30ec\u30eb\u5f53\u305f\u308a\uff11\uff10\uff10\u30c9\u30eb\u306b\u9ad8\u9a30\u3057\u305f\u72b6\u6cc1\u306b\u3001\u304b\u3064\u3066\u306a\u304b\u3063\u200b\u305f\u307b\u3069\u3046\u307e\u304f\u5bfe\u5fdc\u3059\u308b\u5099\u3048\u304c\u3067\u304d\u3066\u3044\u308b\u3002<\/p>\n
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\uff12\u6708\uff12\uff18\u65e5\u306e\u7c73\u56fd\u3068\u30a4\u30b9\u30e9\u30a8\u30eb\u306b\u3088\u308b\u30a4\u30e9\u30f3\u3078\u306e\u653b\u6483\u958b\u59cb\u4ee5\u964d\u3001\u7c73\u56fd\u682a\u304c\u4e16\u754c\u306e\u4e3b\u8981\u682a\u5f0f\u5e02\u5834\u3092\u30a2\u30a6\u30c8\u30d1\u30d5\u30a9\u30fc\u30e0\u3057\u3066\u3044\u308b\u7406\u7531\u306f\u3001\u3053\u308c\u3067\u8aac\u660e\u3067\u304d\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n
\u30db\u30eb\u30e0\u30ba\u6d77\u5ce1\u306f\u4e8b\u5b9f\u4e0a\u5c01\u9396\u3055\u308c\u3001\u3053\u3053\u6570\u5341\u5e74\u3067\u6700\u60aa\u3068\u306a\u308b\u30a8\u30cd\u30eb\u200b\u30ae\u30fc\u4f9b\u7d66\u30b7\u30e7\u30c3\u30af\u304c\u8d77\u304d\u305f\u3002\uff33\uff06\uff30\u7dcf\u5408\uff15\uff10\uff10\u7a2e\u6307\u6570(.SPX), opens new tab\u3068\u30ca\u30b9\u30c0\u30c3\u30af\u7dcf\u5408\u6307\u6570(.IXIC), opens new tab\u306f\u6226\u4e89\u52c3\u767a\u4ee5\u964d\u3067\u7d04\uff15\uff05\u4e0b\u843d\u3057\u305f\u3002\u3053\u308c\u306f\u5927\u304d\u306a\u6253\u6483\u3067\u3042\u308a\u3001\u7c73\u56fd\u682a\u306e\u6642\u4fa1\u7dcf\u984d\u306f\uff13\u5146\u30c9\u30eb\u4f59\u308a\u5439\u3063\u98db\u3093\u3060\u3002\u200b\u3060\u304c\u6b27\u5dde\u3084\u30a2\u30b8\u30a2\u3001\u65b0\u8208\u56fd\u5e02\u5834\u306e\u4f01\u696d\u3068\u5bb6\u8a08\u306e\u65b9\u304c\u82e6\u75db\u306f\u5927\u304d\u304b\u3063\u305f\u3002\u3053\u308c\u3089\u306e\u5e02\u5834\u3067\u306f\u4e3b\u8981\u682a\u4fa1\u6307\u6570\u304c\uff18\uff0d\uff11\uff10\uff05\u4e0b\u843d\u3057\u305f\u3002![\"chart\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/03\/Gas3.png\")
chart<\/p>\n
\uff1c\u30ac\u30bd\u30ea\u30f3\u2060\u3068\u30a8\u30cd\u30eb\u30ae\u30fc\u306f\u6d88\u8cbb\u652f\u51fa\u306e\uff12\uff05\uff1e<\/p>\n
\u7c73\u56fd\u306e\u5bb6\u8a08\u306f\u5168\u4f53\u3068\u3057\u3066\u306f\u3001\u73fe\u5728\u306e\u77f3\u6cb9\u4fa1\u683c\u306b\u6301\u3061\u3053\u305f\u3048\u308b\u80fd\u529b\u3092\u5341\u5206\u306b\u5099\u3048\u3066\u3044\u308b\u3088\u3046\u3060\u3002\u7c73\u5546\u52d9\u7701\u7d4c\u6e08\u5206\u6790\u5c40\uff08\uff22\uff25\uff21\uff09\u306e\u7d71\u8a08\u306b\u3088\u308b\u3068\u3001\u200b\u6628\u5e74\u7b2c\uff14\u30fb\u56db\u534a\u671f\u306b\u30ac\u30bd\u30ea\u30f3\u3068\u30a8\u30cd\u30eb\u30ae\u30fc\u88fd\u54c1\u304c\u6d88\u8cbb\u652f\u51fa\u5168\u4f53\u306b\u5360\u3081\u308b\u6bd4\u7387\u306f\uff12\uff05\u306b\u3068\u3069\u307e\u308a\u3001\uff12\uff10\uff12\uff10\u5e74\u304b\u3089\uff12\uff11\u5e74\u306b\u304b\u3051\u3066\u65b0\u578b\u30b3\u30ed\u30ca\u30a6\u30a4\u30eb\u30b9\u306e\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306b\u3088\u308a\u7d71\u8a08\u304c\u6b6a\u3081\u3089\u308c\u305f\u5c40\u9762\u3092\u9664\u200b\u3051\u3070\u3001\u904e\u53bb\uff18\uff10\u5e74\u9593\u3067\u6700\u3082\u4f4e\u3044\u6bd4\u7387\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n
\u3053\u306e\u6bd4\u7387\u306f\u3001\uff12\uff10\uff12\uff12\u5e74\u306b\u7c73\uff37\uff34\uff29\u539f\u6cb9\u5148\u7269\u4fa1\u683c\u304c\uff11\uff13\uff10\u30c9\u30eb\u306b\u9ad8\u9a30\u3057\u305f\u969b\u306b\u306f\u7d04\uff13\uff05\u3002\u539f\u6cb9\u4fa1\u683c\u304c\uff11\uff15\uff10\u30c9\u30eb\u5f31\u3068\u904e\u53bb\u6700\u9ad8\u3092\u8a18\u9332\u3057\u305f\uff12\uff10\uff10\uff18\u5e74\u306b\u306f\uff14\uff05\u5f37\u3060\u3063\u305f\u3002\uff11\uff19\uff18\uff10\u5e74\u304b\u3089\uff18\uff11\u5e74\u306b\u304b\u3051\u3066\u306e\u7d04\uff16\uff05\u304c\u30d4\u30fc\u30af\u3060\u3063\u305f\u3002<\/p>\n
\u78ba\u304b\u306b\u3001\u77f3\u6cb9\u4fa1\u683c\u304c\u7d99\u7d9a\u7684\u306b\u9ad8\u6b62\u307e\u308a\u3059\u308c\u3070\u3001\u3053\u306e\u6bd4\u7387\u306f\u73fe\u5728\u306e\uff12\uff05\u304b\u3089\u78ba\u5b9f\u306b\u4e0a\u6607\u3059\u308b\u3060\u308d\u3046\u3002\u3060\u304c\u305d\u306e\u5834\u5408\u3067\u3082\u3001\u5927\u534a\u306e\u7c73\u56fd\u6c11\u306f\u305d\u3046\u3057\u305f\u72b6\u6cc1\u306b\u5bfe\u51e6\u3067\u304d\u308b\u306f\u305a\u3060\u3002\u5148\u9031\u516c\u8868\u306e\u7c73\u9023\u90a6\u6e96\u5099\u7406\u4e8b\u4f1a\uff08\uff26\uff32\uff22\uff09\u306e\u200b\u7d71\u8a08\u3067\u793a\u3055\u308c\u305f\u3088\u3046\u306b\u3001\u5bb6\u8a08\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306f\u304b\u3064\u3066\u306a\u3044\u307b\u3069\u5f37\u56fa\u3060\u3002<\/p>\n
\u6628\u5e74\u7b2c\uff14\u30fb\u56db\u534a\u671f\u306b\u53ef\u51e6\u5206\u6240\u5f97\u306b\u5bfe\u3059\u308b\u5bb6\u8a08\u7d14\u8cc7\u7523\u306e\u6bd4\u7387\u306f\uff17\uff19\uff14\uff05\u306b\u4e0a\u6607\u3057\u3001\uff12\uff10\uff12\uff12\u5e74\u5e8f\u76e4\u4ee5\u964d\u3067\u6700\u9ad8\u3068\u306a\u3063\u305f\u3002\uff11\uff19\uff15\uff10\u5e74\u200b\u4ee3\u307e\u3067\u3055\u304b\u306e\u307c\u3063\u3066\u3082\u3001\u3053\u306e\u6bd4\u7387\u304c\u6628\u5e74\u7b2c\uff14\u30fb\u56db\u534a\u671f\u3088\u308a\u3082\u9ad8\u304b\u3063\u305f\u306e\u306f\u56db\u534a\u671f\u30d9\u30fc\u30b9\u3067\uff13\u56de\u3057\u304b\u306a\u304f\u3001\u3044\u305a\u308c\u3082\uff12\uff10\uff12\uff11\u5e74\u304b\u3089\uff12\uff12\u5e74\u306b\u304b\u3051\u3066\u306e\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u5c40\u9762\u3060\u3063\u305f\u3002<\/p>\n
![\"chart\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/03\/Gas1.png\")
chart<\/p>\n
\uff1c\u30a8\u30cd\u30eb\u30ae\u30fc\u306e\u4e0d\u5e73\u7b49\uff1e<\/p>\n
\u3057\u304b\u3057\u306a\u304c\u3089\u3001\u200c\u7c73\u56fd\u6c11\u306f\u30a8\u2060\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\u9ad8\u9a30\u306e\u5f71\u97ff\u306b\u514d\u75ab\u304c\u3042\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u5168\u7c73\u81ea\u52d5\u8eca\u5354\u4f1a\uff08\uff21\uff21\uff21\uff09\u306b\u3088\u308b\u3068\u3001\u30ac\u30bd\u30ea\u30f3\u306e\u5168\u7c73\u5e73\u5747\u5c0f\u58f2\u4fa1\u683c\u306f\uff11\u30ac\u30ed\u30f3\u5f53\u305f\u308a\u7d04\uff14\u30c9\u30eb\u3068\u3001\u3053\u306e\uff11\u30ab\u6708\u3067\uff13\uff15\uff05\u5024\u4e0a\u304c\u308a\u3057\u305f\u3002<\/p>\n
\u7c73\u30a8\u30cd\u30eb\u30ae\u30fc\u7701\u30a8\u30cd\u30eb\u30ae\u30fc\u60c5\u5831\u5c40\uff08\uff25\uff29\uff21\uff09\u306e\u7d71\u8a08\u3067\u306f\u3001\u30ac\u30bd\u30ea\u30f3\u306e\u5e73\u5747\u4fa1\u683c\u306f\uff13\uff0e\uff17\uff12\u30c9\u30eb\u3068\u3001\u6226\u4e89\u52c3\u767a\u4ee5\u964d\u3067\uff12\uff17\uff05\u4e0a\u6607\u3057\u3001\u904e\u53bb\uff12\u5e74\u534a\u3067\u6700\u9ad8\u3068\u306a\u3063\u305f\u3002<\/p>\n
\u3082\u3063\u3068\u3082\uff12\uff10\uff12\uff12\u5e74\uff12\u6708\u306e\u30ed\u30b7\u30a2\u306b\u3088\u308b\u30a6\u30af\u30e9\u30a4\u30ca\u4fb5\u653b\u5f8c\u306e\uff16\u30ab\u6708\u9593\u3001\u30ac\u30bd\u30ea\u30f3\u4fa1\u683c\u306f\uff14\u30c9\u30eb\u3092\u8d85\u3048\u308b\u6c34\u6e96\u3067\u63a8\u79fb\u3057\u3001\u305d\u306e\u5e74\u306e\uff16\u6708\u306b\u306f\uff15\u30c9\u30eb\u306b\u9054\u3057\u305f\u3002<\/p>\n
\u305f\u3060\u7c73\u56fd\u306e\u5927\u304d\u306a\u300c\u30a8\u30cd\u30eb\u30ae\u30fc\u306e\u4e0d\u5e73\u7b49\u300d\u554f\u984c\u3092\u601d\u3044\u51fa\u3059\u3053\u3068\u304c\u91cd\u8981\u3060\u3002\u3064\u307e\u308a\u4f4e\u6240\u5f97\u306e\u5bb6\u200b\u8a08\u307b\u3069\u3001\u30ac\u30bd\u30ea\u30f3\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\u652f\u51fa\u200b\u304c\u5360\u3081\u308b\u6bd4\u7387\u304c\u9ad8\u304f\u306a\u308b\u3002<\/p>\n
\u6628\u5e74\u516c\u8868\u3055\u2060\u308c\u305f\uff26\uff32\uff22\u306e\u8abf\u67fb\u306b\u3088\u308b\u3068\u3001\u7c73\u56fd\u306e\uff15\u4e16\u5e2f\u306b\uff11\u4e16\u5e2f\u306f\u300c\u30a8\u30cd\u30eb\u30ae\u30fc\u306e\u8ca0\u62c5\u304c\u91cd\u3044\u300d\u4e16\u5e2f\u3067\u3001\u53ef\u51e6\u5206\u6240\u5f97\u306b\u5360\u3081\u308b\u30a8\u30cd\u30eb\u30ae\u30fc\u652f\u51fa\u306e\u6bd4\u7387\u304c\u5e73\u5747\u3067\uff12\uff15\uff05\u3060\u3063\u305f\u3002\u3053\u308c\u306b\u5bfe\u3057\u300c\u30a8\u30cd\u30eb\u30ae\u30fc\u306e\u8ca0\u62c5\u304c\u91cd\u304f\u306a\u3044\u300d\u4e16\u5e2f\u3067\u306f\u3001\u3053\u306e\u6bd4\u7387\u306f\uff17\uff05\u306b\u3068\u3069\u307e\u3063\u3066\u3044\u308b\u3002\u5927\u534a\u306e\u300c\u30a8\u30cd\u30eb\u30ae\u30fc\u306e\u200b\u8ca0\u62c5\u304c\u91cd\u3044\u300d\u4e16\u5e2f\u306f\u3001\u6240\u5f97\u5206\u5e03\u306e\u6700\u4e0b\u5c64\u3068\u305d\u306e\u6b21\u306b\u5c5e\u3057\u3066\u3044\u308b\u3002<\/p>\n
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![\"chart\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/03\/Gas4.png\")
chart<\/p>\n
\uff08\u7b46\u8005\u306f\u30ed\u30a4\u30bf\u30fc\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u672c\u30b3\u30e9\u30e0\u306f\u7b46\u8005\u306e\u500b\u4eba\u7684\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\uff09<\/p>\n
\u79c1\u305f\u3061\u306e\u884c\u52d5\u898f\u7bc4\uff1a\u30c8\u30e0\u30bd\u30f3\u30fb\u30ed\u30a4\u30bf\u30fc\u300c\u4fe1\u983c\u306e\u539f\u5247\u300d, opens new tab<\/p>\n
\u7b46\u8005\u306f\u300cReuters Breakingviews\u300d\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u672c\u30b3\u30e9\u30e0\u306f\u7b46\u8005\u306e\u500b\u4eba\u7684\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n
![\"Jamie](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/03\/https:\/\/author-service-images-prod-us-east-1.publishing.aws.arc.pub\/reuters\/da9db4d7-d9af-42a0-8b20-.jpeg\")
<\/p>\n
Jamie McGeever has been a financial journalist since 1998, reporting from Brazil, Spain, New York, London, and now back in the US again. His experience and expertise are in global markets, economics, policy, and investment. Jamie’s roles across text and TV have included reporter, editor, and columnist, and he has covered key events and policymakers in several cities around the world.<\/p>\n","protected":false},"excerpt":{"rendered":"
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