One reason for the spike in oil prices the experts say, is the fear that menacing America moves towards Iran may affect exports and petroleum futures.
Unlike most others, he saw that the Federal Reserve was inadvertently tightening in 1998--99, and he recognized that our central bank was overdoing monetary stimulation in 2004--06, the critical factor in the spike in oil prices.
But it is also true that eurozone crises or earthquakes that cause tsunamis in Japan or the spike in oil prices, or other events that affect the global economy have a negative impact on the American economy.
It did stumble a bit this week, spooked by the spike-up in oil prices created by the spreading unrest in oil-producing countries, notably Libya.
Federal regulators on Thursday rescinded drilling permits issued a day earlier to companies for new oil and gas wells in the Gulf of Mexico, prompting market confusion and a spike in oil prices.
The working group was first set up last year when we saw a spike in oil prices and prices at the pump for Americans.
And not surprisingly, he blames Big Oil for the spike in gas prices.
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The President is making these decisions based on the best interests of the country and the best interests of our economy, and the best interests of middle-class families that are weathering the storm of a spike in oil and gas prices.
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The United States still needs to ensure the free flow of oil, because a stop in production will cause prices to spike on global markets, affecting the entire planet.
While worries in the Middle East have caused a spike, oil prices face longer-term pressure due to increased demand from China and other emerging economies.
Consumer-price inflation is widely expected to hit 5% this year (more than twice its official target), though the sharp drop in oil prices may blunt that spike.
Analysts cite that disruption, along with the potential for a full-blown conflict with Iran, as the main reason behind a 20% spike in oil and gasoline prices this year.
He thinks that its upstream activities are the best among the big companies, and that means it can boost its earnings even without a spike in oil prices.
That is until the last few days, when the turmoil in Egypt spread to oil-producing countries and caused a sharp spike-up in oil prices.
Without a spike in oil or food prices - triggered by geo-political events or bad weather - the inflation picture in 2012 will be quite benign.
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