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Two years ago a leading economist published a study provocatively titled: "What would $120 oil mean for the global economy?" Answer: a global recession, if the price stayed there for a year.
Now the future has arrived, with the United States and other nations getting a double whammy from both the mortgage crisis and oil futures hovering at $120 per barrel. If oil prices stay stratospheric, the cost of fueling cars and planes could slash US economic growth up to 2.3 percent and global growth by 3.6 percent, says Robert Wescott, former chief economist of the president's council of economic advisers and author of the $120 oil report.
Originally posted by Memysabu
I work in the Oil and Gas industry in exploration. Get ready for it to go WAY WAY over 120 per barrel. Welcome to the end of cheap energy. Lyndsey wtf Williams was full of crap.
Originally posted by budski
Is it possible that the price hikes are part of a plan to force people to use less fuel, in order to conserve oil reserves and make them last longer?