29 Jun '14, 7pm

#peakoil America’s Oil Weapon: The Automobile: Higher oil prices threaten the U.S. economy, but not like they ...

#peakoil America’s Oil Weapon: The Automobile: Higher oil prices threaten the U.S. economy, but not like they ...

America’s Oil Weapon: The Automobile Higher oil prices threaten the U.S. economy, but not like they used to. North Dakota is a reason for that. Changes in America’s car industry and driving habits are bigger ones. Amid sectarian violence in Iraq, oil prices have risen, and it isn’t hard to imagine them going higher. That is unwelcome for a U.S. economy still struggling to find its footing. Starting with the downturn set off by 1973′s oil shock, higher energy prices have been a constant factor in U.S. recessions. But the economy isn’t what it was in 1973, or even in 2007, when rising gasoline prices added to strains on U.S. household spending power. One difference is the shale boom. The U.S. now produces over eight million barrels of oil a day, up from five million in 2007. So when Americans pay more at the pump, more of what they pay ends up back in the pockets of other Am...

Full article: http://peakoil.com/business/americas-oil-weapon-the-autom...

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