Surging oil price has shades of July 2008 about it « ArabianMoney:
"Hstory does not necessarily repeat but it certainly rhymes. Think back five years to July 2008 and oil prices peaked at $147 before giving way to a slump to $33 by December as the global financial crisis struck.
This July WTI crude has jumped to $107 a barrel. That’s a tax on consumers and business. Surging oil prices are a proven recession indicator."
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