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Iran-fueled oil price spike biggest threat to economy
Posted By yihan On April 11, 2012 @ 9:46 am In Money Watch | Comments Disabled
Wednesday, April 11, 2012
An oil price spike caused by a confrontation with Iran is now seen as the biggest threat to the U.S. economy.
That’s according to nine out of 18 economists surveyed recently by CNNMoney. They say rising oil prices  now outweigh the risks posed by the European debt crisis, ongoing gridlock over the budget in Washington and fears of a slowdown in China.
“An Iranian disruption of oil supplies could send oil prices to $200 a barrel,” said Lynn Reaser, chief economist at the Fermanian Business & Economic Institute.
“It’s something we’re really concerned about,” said Chris Lafakis, an economist at Moody’s Analytics. “A military confrontation could push prices to $180 a barrel, which would precipitate a recession.”
Full story here. 
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URL to article: http://www.prisonplanet.com/iran-fueled-oil-price-spike-biggest-threat-to-economy.html
URLs in this post:
 CNNMoney: http://money.cnn.com/2012/04/11/news/economy/oil-price-economy/index.htm?iid=HP_River
 rising oil prices: http://money.cnn.com/data/commodities/?iid=EL
 Oil price falls after US warns Iran over threat to close Gulf supply route: http://www.prisonplanet.com/oil-price-falls-after-us-warns-iran-over-threat-to-close-gulf-supply-route.html
 Obama Moves Forward With Iran Sanctions Despite Oil Price Spike: http://www.prisonplanet.com/obama-moves-forward-with-iran-sanctions-despite-oil-price-spike.html
 Crude oil ought to be $150 per barrel: Iran: http://www.prisonplanet.com/crude-oil-ought-to-be-150-per-barrel-iran.html
 Iran Reiterates Threat To Close Strait of Hormuz If Attacked: http://www.prisonplanet.com/iran-reiterates-threat-to-close-strait-of-hormuz-if-attacked.html
 Will Oil Spike Lead To QE3?: http://www.prisonplanet.com/will-oil-spike-lead-to-qe3.html
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