economic; social consequences%26gt;and world pricesWhat will be the economic impact !!! when oil prices climbs above 100 us a barrel?
Oil drivers transportation and as of today, nothing can be teletransported. So, we are looking at everything going up in price. If the US government tries to bail out the American people, it will do so by printing more money.
This will exponentially increase prices as the inflation will be greater. People will stop buying goods because they are too expensive. Then, people who make these goods will lose their jobs. When people lose their jobs, productions will lower, and more people will lose their jobs.
People with high debt will divorce or commit suicide. We will forced take lower paying-jobs... So, the illegals we make fun of or hate so much will be there next to us working the same jobs.
We did it to ourselves. We lived frivolous lives, consuming foreign oil, and did not save. We are screwed. Oil will take us down.What will be the economic impact !!! when oil prices climbs above 100 us a barrel?
well, there are many things to consider.
first, 100$ will equate to about 60 euros and 50 pounds, so in relative terms and looking at the intrinsic value, the oil price isnt that high.
the most worrying thing at the moment is not a barrel at 100$, but a euro at 1.6 dollar or a pound at over 2.5 dollars. this shakes badly the world economic balance and will cause some serious imbalance in the world economy.
Virtually none. When it approaches $300/barrel then we're in trouble.
The Rich will get Richer.
Its possible it may send us into a recession. We have not gone into recession yet because the low interest rates %26amp; low taxes has kept our economy very good by encouraging consumer spending. Consumer spending prevents recession. So far we have avoided it.
It may also force vehicles manufactures to produce more flex-fuel vehicles.
Funding for Islamo-terrorists will increase as will the power of dictatorial mid east despots...
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