JULY 28 2006 !!
"Oil at $100-a-barrel may frighten anybody with a car or a fuel-intensive business, but analysts from Standard & Poors said Thursday that a price spike of this magnitude wouldn't send the U.S. economy into a recession.
S&P chief economist David Wyss said if crude-oil, now trading above $74 a barrel, were to climb an additional 33 percent it would slice about 1.5 percent off annualized economic growth. That would still leave the American financial engine moving forward."
I guess we shouldn;t worry about a slowdown at $104 either....
Duratek
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