The persistent rise in oil prices since early this year has pushed markets to the point where expensive refined products may start impacting consumption-and even economic growth. Last week US President Barack Obama asked Saudi Arabia-the world's swing producer-to pump more oil to cool global oil markets. US gasoline prices have been on the rise since last summer due to strong economic growth, particularly in emerging markets, and unrest in the Arab world and North Africa. High prices pose a threat to economic growth in the US and around the world. With US unemployment at just under 9%, house prices falling and consumer confidence on shaky ground, high fuel prices have the potential to stifle growth. In a worst-case scenario, high oil prices could push the economy into a double-dip recession.
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