PARIS (Reuters) – Costly crude oil, which recently neared $100 a barrel, may no longer be the certified economy killer the West dreaded in the 1970s, but it could still produce a nasty cocktail if mixed with the world’s other economic woes.
Many economists believe crude’s latest surge, which has fuelled renewed talk of inflation and stagnation, is still not enough on its own to derail the economy of the United States and others among the world’s richest countries.
But the latest leg in oil’s five-year climb coincides with a U.S. housing slump and a subprime mortgage defaults crisis that has hit bank profits, triggered a global credit crunch and proved no boom is never-ending. Food prices are also soaring.
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Noelle dEstries
Noelle d'Estries, an early GO employee who took on the varied roles of Community Manager, green celebrity blogger, and more. She currently runs worstcookever.com GO entered Noelle's life in February 2007 while she was burning tires in her backyard. A phone call from the green gods at GO, burnt out the fires. Now, Noelle happily wears her GO sweatshirt while eating organic veggies and asking for paper, not plastic. A regular at the local farmer's market, Noelle shuns raking leaves and lawn maintenance, while making gourmet foods constantly. When not staring at her computer screen, she spends time with her equally attractive dog, Tessa, cat, Tim and lover Paul. She currently holds all three point records at RIT and could eat avocados and drink wine for the rest of her life.
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