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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

Steve Hargreaves
CNNMoney [1]
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 [2] 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. [1]

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URLs in this post:

[1] CNNMoney: http://money.cnn.com/2012/04/11/news/economy/oil-price-economy/index.htm?iid=HP_River

[2] rising oil prices: http://money.cnn.com/data/commodities/?iid=EL

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