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US economy 'in danger zone with oil price'
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by Tom van B | August 2, 2007 at 07:01 pm
265 views | 6 Recommendations | 1 comment
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Here in New Zealand we will be facing record petrol prices at the pump as our dollar slowly returns to it's 60 cents level against the US dollar. Hold on tight!
"We're in a. . . danger zone right now, so that's why I hope that both Opec and non-Opec nations will look carefully at the facts," Bodman told reporters.It was one of the strongest warnings from a Bush administration official to date on the impact of high crude oil and gasoline prices, which are already starting to take their toll on US consumer spending.
US crude oil futures on Wednesday hit a record intraday high of $US78.77 a barrel, surpassing the previous peak of $US78.40 set in July 2006. The benchmark US oil contract settled up 33 cents at $US76.86 on Thursday.
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Most RecentMost Recommended Comments (1)
at 19:40 on August 2nd, 2007
Tom van B, I like the way you made this story relevent to New Zealand. Good stuff.