The Perfect Storm – oil prices and the global economy

Guardian Unlimited | Guardian daily comment | The perfect storm that’s about to hit
The average nationwide price of a gallon of gasoline in America reached a record high of $1.77 this month. The steady spike in prices has left analysts wondering if this is a harbinger of even more dramatic increases as motorists head into the spring and summer months. Get ready for what might become the economy’s version of the perfect storm later this summer. The devastation could quickly spread to the UK and the rest of the world, with dire consequences for the global economy.

Of course, this must be Clinton and Kerry’s fault – not like Bush’s friendly treatment of the oil industry and their record profits have a thing to do with it…

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