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How $100 Oil Could Help
By Mr Ethanol | November 22, 2007
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Pricey crude hurts in all sorts of fiscal ways—but it could also spur crucial investment in alternative fuels.
BusinessWeek:
Crude oil prices are again creeping toward triple digits. With the dollar hitting a new low against the euro Nov. 20 and OPEC saying it won’t boost production, the price of a barrel of West Texas Intermediate spiked $3.39, to a settlement record of $98.03. In later electronic trading, crude futures again matched the record $98.62, first reached on Nov. 7. It was the third consecutive day of rising prices, which are up 61% so far in 2007.
As speculative fervor continues to test the $100 mark, fears that expensive oil could spur inflation and cripple consumer spending is spreading. Pricey oil—coupled with the subprime crash, shaky credit markets, Wall Street turbulence, tensions with Iran and a feeble dollar—could be the catalyst that topples the U.S. economy into recession.
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