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FT–Rising oil price threatens fragile recovery

Posted on January 5, 2011 by Kendall Harmon

High oil prices threaten to derail the fragile economic recovery among developed nations this year, the leading energy watchdog has warned, putting pressure on the Opec oil cartel to increase production.

Over the past year the oil import costs for the 34 mostly rich countries that make up the Organisation for Economic Co-operation and Development have soared by $200bn to $790bn at the end of 2010, according to an analysis by the International Energy Agency.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, Consumer/consumer spending, Corporations/Corporate Life, Economy, Energy, Natural Resources, Globalization, Middle East, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

3 comments on “FT–Rising oil price threatens fragile recovery”

  1. midwestnorwegian says:
    January 5, 2011 at 8:36 pm

    Supply and demand at work. Plus, a POTUS who is diametrically opposed to increasing supply. Obama – the job killer president.

  2. Cennydd13 says:
    January 5, 2011 at 9:27 pm

    Even though he says otherwise.

  3. John Wilkins says:
    January 5, 2011 at 9:34 pm

    Actually, Obama seems opposed to increasing demand. By not investing in jobs or infrastructure and sticking to “austerity measures” the economy will remain fragile.