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What If Gas Prices Soar by 50%? What Then?
Daniel Ahn, CFR
Given how oil is back in the media spotlight and as oil markets brace for the implementation of the Iranian oil embargo, it seems as good a time as any to revisit the question of high oil prices and their impact on the US economy (as well as revitalize my hitherto moribund blog output), discussed at length in this post.According to the US CPI, the average US (urban) consumer currently spends about 9% of his or her income on energy. About 5.2% is on gasoline alone.
Given how oil is back in the media spotlight and as oil markets brace for the implementation of the Iranian oil embargo, it seems as good a time as any to revisit the question of high oil prices and their impact on the US economy (as well as revitalize my hitherto moribund blog output), discussed at length in this post.According to the US CPI, the average US (urban) consumer currently spends about 9% of his or her income on energy. About 5.2% is on gasoline alone.
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