May 3, 2012
Do High Energy Prices Mean the End of Growth?
Jeffrey Rubin, Huffington Post
When the first OPEC oil shock hit in the 1970s, President Nixon responded by lowering the national speed limit to 55 miles per hour in a bid to conserve energy. But speed limits aren't the only thing that can change when oil prices go up. Right now, we're seeing that rising crude prices can influence much more than just how fast you can drive your car. High oil prices change the speed at which your economy can grow.
TAGGED: Spain, Greece, European Union, China, United States, economic growth, energy prices