Originally Posted by Roody
The thing is, people are not cutting back on oil consumption. They are cutting back on other expenditures so they can continue to buy petroleum products. Therefore, other segments of the economy will suffer long before big oil or the local filling station does.
Agreed. This recent hike in oil prices will send us into another recession so get ready. As consumers stop shopping, our economy goes along with it and this time real estate or the dot coms will not come to the rescue!