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GasBuddy News Article

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Analysis: Oil price rise raises specter of global recession

Reuters -- (Reuters) - A jump in energy prices is jamming the slow-turning cogs of an economic recovery in the West, but that may be nothing compared to the economic shock an Israeli attack on Iran would cause.

Oil rose to a 10-month high above $125 a barrel Friday, prompting responses from policymakers around the world including U.S. President Barack Obama, watching U.S. gasoline prices follow crude to push toward $4 a gallon in an election year.

Europe may have more to fear as its fragile economic growth falters and Greece, Italy and Spain look for alternative sources to the crude they currently import from Iran, where an EU oil embargo, intended to make Iran abandon what the West fears are efforts to develop nuclear weapons, comes into force in June.


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Submitted Feb 26, 2012 By: joeleal77450
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REPLIES (newest first) Post a Reply
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bigmoo63
Champion Author Kalamazoo

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Message Posted: Feb 27, 2012 10:22:01 AM

The FIRST recession never ended. This will just go deeper.
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WalRus49
Champion Author Boston

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Message Posted: Feb 27, 2012 7:19:10 AM

More organized mayhem and pillage.............
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amerk73
Champion Author Dallas

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Message Posted: Feb 27, 2012 4:56:18 AM

bad news
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anascom
Champion Author Hamilton

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Message Posted: Feb 27, 2012 1:52:08 AM

so bad!
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cheapchickKY
Champion Author Lexington

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Message Posted: Feb 27, 2012 12:17:27 AM

Think we are already there.
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leraar2
Champion Author Massachusetts

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Message Posted: Feb 26, 2012 11:50:25 PM

the oil company will have to refine it HERE.

we will be the beneficiary of cheaper gasoline prices.
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davenles
Champion Author Texas

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Message Posted: Feb 26, 2012 11:05:24 PM

Just what we need.
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RitaVespa
Champion Author Oregon

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Message Posted: Feb 26, 2012 11:01:21 PM

Recession hasn't ended
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johnd900
Veteran Author Massachusetts

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Message Posted: Feb 26, 2012 10:31:21 PM

Speculation driving up the price...
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Vetteblu
Champion Author Denver

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Message Posted: Feb 26, 2012 10:05:29 PM

Get rid of the GBS& everyone will be better off.
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amerk73
Champion Author Dallas

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Message Posted: Feb 26, 2012 9:33:02 PM

here $3.55
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lonewolf_947
Champion Author New Hampshire

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Message Posted: Feb 26, 2012 9:15:09 PM

We'll see what happens..........
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justme888CA
Sophomore Author California

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Message Posted: Feb 26, 2012 9:01:15 PM

interesting news regardless of whether or not we like it...
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FunMyster
All-Star Author Indiana

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Message Posted: Feb 26, 2012 8:36:26 PM

ok
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LEGION57
Champion Author South Carolina

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Message Posted: Feb 26, 2012 8:36:24 PM

hmmm
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