Recessions tend to follow oil price surges – will this time be different?
by Larry Elliott Economics editor from on (#5WP7H)
Analysis: how long the price stays high is key, as are interest rate decisions central banks make
The signal from the White House was clear. Joe Biden is very open" to the idea of adding oil and gas to the sanctions list as a way of escalating the west's economic war against Vladimir Putin.
Surging oil prices suggest traders think the die has already been cast: whether because governments take action directly or whether through self-sanctioning from western companies, oil and gas supplies from Russia are going to dry up.
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