Max Sawicky observes “The most important story that nobody is talking about is fifty-dollar-a-barrel oil. The potential harm to the U.S. and world economy is huge.”
Well, we here at the Big Picture have been pounding the table on Oil over the past 13 months . . .
Early on, we recognized that it was Chinese Oil Demand underlying the increase in cost. We also looked at Oil Demand versus Refining Capacity. We have examined Global Crude Oil Demand & Gasoline, we looked at Oil: Inflation adjusted.
We asked a lot of rhetorical questions about Oil: Why is it that Gasoline Prices seem to rise so quickly, but fall so slowly? here — Gasoline versus Crude Oil prices.
We wondered: Do Higher Oil Prices Lead to Recessions? Turns out the answer is yes.