Effects of high oil prices on global economy

posted by  mneon (8)  11 months ago (blogs.msdn.com)

This months issue of The Economist has a special report on crud oil prices. I have been reading it veraciously in the past few hours in the plane to Tokyo.

Back in 1998 crude oil prices declined to near all time low of $10 per barrel. Since then the crude price has gone up steadily and in 2005 it has been sustained at $40+ level. IDC released a report just recently saying that this summer or in the near future it could easily reach $100 per barrel.

I believe oil price will have a profound impact on the global economy. I have tried to learn more about this subject and I will tr