Posts Tagged ‘oil/gas/energy’

The hit from oil and gas prices

Thursday, December 23rd, 2010

Perhaps a better name for this blog might be, We Stand on the Shoulders of Others.

I picked this up from the bearish-leaning zero hedge blog, which site’s cheery headline is, “On a long enough timeline the survival rate for everyone drops to zero.”  Anyway, it points out that–and I’m sure it’s standing on others’ shoulders, too–that:

. . . as a reminder, every $1 rise in oil reduces US GDP by $100 billion, just as every cent increase in gas prices lowers disposable income by $600 million.