"The American economy just can’t catch a break.
Last year, as things started looking up, the European debt crisis flustered the fragile recovery. Now, under similar economic circumstances, comes the turmoil in the Middle East.
Energy prices have surged in recent days, as a result of the political violence in Libya that has disrupted oil production there. Prices are also climbing because of fears the unrest may continue to spread to other oil-producing countries.
If the recent rise in oil prices sticks, it will most likely slow a growth rate that is already too sluggish to produce many jobs in this country. Some economists are predicting that oil prices, just above $97 a barrel on Thursday, could be sustained well above $100 a barrel, a benchmark."
Motoko Rich, Catherine Rampell and David Streitfeld report for the New York Times February 24, 2011.
"OIL FUTURES: Crude Pushes Higher; Libya Unrest Dominates Market" (Wall St. Journal)
"10 Ways Rising Oil Prices Will Endanger the U.S. Recovery" (Atlantic)
"Who'll Control Libya's Oil Economy If Gadhafi Falls?" (McClatchy)
"Increasing Oil Prices Could End Economic Recovery" (Marketplace)
"Oil Prices May Threaten Global Economic Recovery, Says Energy Agency" (Guardian)
"Oil Surge Puts Fragile US Recovery at Risk" (Financial Times)
"Saudi King's £22bn Sweetener For His People" (Sky News)
"Amid the Mideast protests, where is Saudi Arabia?" (Washington Post)
"Rising Oil Prices Could Cool Economic Recovery" (AP)