Oil: Shocks, But No Megashocks
Even an oil shock that jolts the price per barrel to $50--an increase of 67% above the current price of about $30--could be absorbed by the U.S. economy. That's the conclusion of a new report by William C. Dudley, director of U.S. economic research for Goldman, Sachs & Co. While inflation would certainly rise and economic growth might slow, neither effect would be severe or long-lasting, he argues.
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