29 Sep '13, 12pm

#peakoil Why A US Debt Default Could Push Oil Above $130: Investors — certainly U.S. stock investors — would b...

#peakoil Why A US Debt Default Could Push Oil Above $130: Investors — certainly U.S. stock investors — would b...

To be sure, the flexible and resilient U.S. economy is more-energy efficient today that it was 10 years ago – even five years ago — and it will likely become even more efficient in the years ahead, but that doesn’t blot-out the fact that the U.S. remains an oil-dependent economy. Despite the increased use of hybrids, natural gas cars, and electric vehicles, most cars in the U.S. still run on gasoline, trucks on diesel, and oil is also a major fuel for heat. (Natural gas conversion from oil for heating and industrial use is accelerating, due to natural gas’s comparatively cheaper price, and this trend is likely to continue, but at least for the next 5-7 years, and probably for the longer, the U.S. economy will remain oil-vulnerable.) Hence, sustained, high oil prices translate in to bad things for U.S. GDP, corporate earnings growth, and by extension, for most U.S. stocks.

Full article: http://peakoil.com/business/why-a-us-debt-default-could-p...

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