21 Dec '11, 5am

Why oil prices are killing the economy

Why oil prices are killing the economy

Writing with my friend and colleague Chris Nelder at the HBR Blog earlier this fall, we warned of not one but two risks associated with stubbornly high oil prices. First, we referred generally to the history of oil spikes and recessions, noting that in the post-war US economy, one generally followed another. For an economy that has been geared towards oil for many decades, this should come as no surprise, especially when energy expenditures rise over certain thresholds, as they did in the 1970s, and again more recently. But we also warned that an over-confidence had developed over the decades, especially in America, and that any pressure from energy prices was ultimately solvable. And we encouraged corporate management to be more skeptical of the idea that the global oil and gas industry would be able to continue bringing to market resources that most could afford.

Full article: http://www.energybulletin.net/stories/2011-12-20/why-oil-...

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