$100 Oil: What, Me Worry?

S&P says a resilient economy could cushion the effect of rising oil prices

Writing in the New York Times in September 1980, Illinois Senator Charles Percy urged the United States to prepare for the oil supply shocks that were likely to occur after war broke out between Iran and Iraq the week before. He cited the "near certainty" of a supply disruption in the future, and gravely warned that unless the country took immediate action, oil prices "could double or triple again, and I don't think the world economy can afford $100-a-barrel crude."

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