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DrumBeat: May 12, 2008

Posted on May 12, 2008

Oil Shock 2?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 eco...

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