AP’s Surveyed Economists: Unless Stopped by $150 Oil, Happy Days Are Here Again
It's always a bit of risk saying that a bunch of supposedly smart folks are wrong, but the economists Jeannine Aversa at the Associated Press consulted for a Tuesday afternoon report on the economic outlook must be taking a double dose of sunshine pills every day. If we are to believe these folks, the only thing that can stop the economy now is oil — not the $112 a barrel accompanied by $4 per gallon gas we're seeing now. That's noooo problem. These smarties apparently think it's clear sailing ahead for the economy as long as oil doesn't go to $150, which would translate to at least $5.50 a gallon. Here goes, if you can stand it: AP survey: Only oil shock can stop economy now The American economy is now strong enough to withstand Middle East turmoil and the Japanese nuclear crisis. Only a big rise in the price of oil could stop it now.
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on April 26, 2011. Filed under