- Prison Planet.com - http://www.prisonplanet.com -

Iran-fueled oil price spike biggest threat to economy

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]