With Oil Prices So High, Why Don't We Have A Recession?

Bruce Nussbaum

Conventional economic wisdom says that with oil prices spiking up into the $70-$80 a barrel range, we should be having a recession. Oil acts as a huge tax and it is sucking out buying power from consumers and purchasing power from businesses (JetBlue would be buying more planes if it didn't have to pay so much for fuel). But the economy continues to power on. What gives?

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