Vast liberalization and democratization in the Middle East could be positive for oil production in the long run. Just look at what happened in Russia and Iraq.
The price of oil is already indicating to us that the current turmoil in the Middle East will not be resolved in the short term. Prices of most major grades of oil spiked last week after tensions heightened in Libya and, although they’ve retreated a bit, they remain volatile.
Read the Fortune article at CNNMoney.com.
Tagged as:
CNNmoney.com,
Economic recovery,
Fortune Magazine,
lower oil prices,
Middle East,
oil,
Oil prices,
oil supply,
rising oil prices,
US economic recovery,
US economy,
world economy
Just as the U.S. and global economies are finally strengthening, they face a new danger: Rocketing oil prices, which topped $100 a barrel Wednesday.
The U.S. economy can likely absorb $100 oil and keep expanding, even though gasoline prices would rise further and growth would slow. But it would hurt.
Read Associated Press article at NPR: http://www.npr.org/templates/story/story.php?storyId=134005409
Tagged as:
economic downturn,
global economy,
Inflation,
Oil prices,
Recession,
rising oil prices,
Unemployment,
US economic recovery,
US economy