Crash and Burn

Friedman, Norman
December 2008
U.S. Naval Institute Proceedings;Dec2008, Vol. 134 Issue 12, p90
Conference Proceeding
The article focuses on the effects of abrupt rise and fall of oil prices to various countries. It notes that the increase of oil prices to over $150 per barrel had been advantageous to oil-producing countries like Russia and Venezuela. However, with the national addiction to oil, the U.S. economy has been dragged down. While oil money has been a major problem in the U.S., it has been very helpful to the stability of the Saudi Arabian government by providing social benefits for its population.


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