Oil pushes world towards recession

It has long seemed to me that the only thing likely to bring the oil price back to earth is a global recession, and that is exactly what very high oil prices seem destined to bring about.

High oil prices are one of the main causes of today’s elevated rates of inflation. Central bankers feel obliged to treat these pressures with higher interest rates, which perhaps sooner rather than later will poleaxe growth in the developed and developing world alike.
Independent