The Bubble in Oil

Steidtmann, Carl
November 2004
Convenience Store News;11/22/2004, Vol. 40 Issue 14, p22
Trade Publication
This article presents information related to financial matters relate to the United States. Throughout the 1970s, a rise in oil prices meant that interest rates were headed higher. Higher oil prices meant higher inflation and higher inflation always translates into higher interest rates, eventually sending the economy into recession. Oil prices rose in lockstep with an acceleration in the economy, crashed with the economy in 2001 and then soared in 2003-2004 with the recovery— soared, in fact, to record highs, above$ 50 a barrel. While a good deal of press and professional economic attention have gone to searching for a bubble in the housing market, a real and unmistakable bubble is forming in the markets for oil and U.S.


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