Originally Posted by
jeffpoulin
I don't remember oil playing a major role in the financial crisis. Yeah, it doesn't help, I know, but the current recession wasn't caused by high oil prices.
With everything inter-related, who can say what role the oil crisis played. There was, after all, an oil crisis, and it did occur at the same time as the recession. Coincidence? Maybe. But as you say, it didn't help. The oil crisis abated when the recession really hit home. Typical post-peak behaviour, similar to that illustrated by Jeff Rubin in his book 'Why Your World is About to Get a Whole Lot Smaller'. Rubin was one of the first economists to accurately predict soaring oil prices back in 2000 and is now one of the world’s most sought after energy experts. He makes a very good argument at
http://www.jeffrubinssmallerworld.co...gical-concept/