When will the oil price start causing serious economic pain? Not for a long time
4:57pmIt has become a cliché to say that the world can live with far higher oil prices than ever before but this Mark Mills piece does a particularly nice job of setting out why. (A large reason is that, according to the Fed’s numbers, information technology alone is creating one-fifth to two-thirds of GDP growth.) So, how high would the price of oil have to go to start causing serious economic pain? About $150, estimates Mills.
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