Fears grow of global recession

Financial News Australia

Improved energy efficiency, a more service-based economy and a continued willingness among consumers to buy fuel at record prices, even with ample supplies in store, could mean the US is more impervious than ever to oil price spikes.

“Energy intensity in the US has declined a great deal since the 1970s,” said Alan Ruskin, research director at 4cast Inc. in New York. “And, because we’re not in a supply shock situation, these higher prices could simply correct themselves by eventually pushing demand lower.”
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