February 20, 2012
Rising Oil Prices Could Kill the Global Recovery
John Schoen, MSNBC
A surge in oil prices sparked by saber-rattling from Iran is beginning to weigh on the global economic recovery, with potential ripple effects on consumers, corporate profits and interest rates.
Drivers already are seeing the impact at the pump, where prices have risen by an average of 12 cents per gallon in just three weeks to more than $3.50 a gallon, according to a report out this week. Crude oil prices rose for a third straight day on U.S. markets Friday, topping $103 a barrel, and remained on track for a second straight week of gains.