Oil Prices 'Wallop' Economy Like Tax Increase
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Just at the moment the U.S. economy could use a boost, the recent surge in oil prices is having the opposite effect.
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WASHINGTON - High oil prices, which have been a factor in virtually all U.S. recessions over the past three decades, are surging again this year...
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Higher oil prices have slowed economic growth in the Organization for Economic Cooperation and Development, but it should expand by 3.6 percent this year.
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Governments around the region are warning that rising oil prices have started to hurt their economies.
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Surging energy prices are acting like a double whammy on the country's economy, crimping growth even as they push up inflation, Federal Reserve Chairman Ben Bernanke said Thursday.
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WASHINGTON, Oct 10  - Record-high oil prices are a drag on the US economy, Treasury Secretary John Snow said Sunday, but predicted that prices would ease because current levels were out of line with market fundamentals.
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Global oil prices boomed on Wednesday, spreading fear that energy prices will restrain economic activity, as traders worried about a heating oil supply crunch in the American winter.
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Crude oil prices jumped beyond $50 a barrel yesterday, renewing concerns that sustained high energy costs will further weaken the US economy.
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Record oil prices widened the deficit in November as the cost of imported petroleum outpaced a modest rise in exports.
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The American economy has proven stubbornly resistant to the oil price boom but it may begin to buckle if prices rise further, analysts warn.
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Oil prices extended their slide Friday on a growing sentiment that the country might be headed for a recession that would depress demand for oil.
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Oil prices jumped more than a dollar on  Thursday after the International Energy Agency warned that  faster-than-expected demand and disappointing world production  growth could put world supplies under strain.
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Oil rose to above $90 a barrel on Friday, lifted by a broader stock market rally as the United States confirmed an economic stimulus plan to ward off a recession in the world's top energy consumer.
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LONDON  - Oil prices firmed, rising briefly above 50 dollars in New York, supported by supply disruptions to operations in the North Sea, making markets nervous heading into the northern winter.
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The sharp rise in oil prices which recently creeps towards $60 per barrel has put many energy industries and those reliant on energy on the edge for fear of the adverse affects of escalating prices.
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Oil prices surged to a new high of $47 a barrel on Wednesday on evidence from major economies that energy costs are not substantially slowing the economic growth that fuels oil demand.
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The world's top finance officials on  Friday asked oil-producing nations to step up output and agreed  it was crucial to work out exactly why prices have soared to  levels that threaten global growth.