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What would $120 oil mean for the global economy?

Posted by Chris Vernon on May 11, 2008 - 7:15pm in The Oil Drum: Europe
Topic: Economics/Finance
Tags: cera, Economy, oil prices, recession, wescott [list all tags]

The pdf is a short report written by Robert F. Wescott and published in April 2006 by Securing America’s Future Energy. It was written when oil was ~$60 a barrel and addressed a scenario where the price of oil surged to $120 due to coordinated terrorist attacks on global oil transport infrastructure. Well, here we are, two years on at $120 oil (without the attacks) so it’s worth revisiting the analysis in light of the conclusion:

The main conclusion of this note is that $120 oil would have profound negative effects on the world economy and global financial markets.
...
Such oil prices would almost certainly precipitate a global recession.

Click to download pdf

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