Tuesday, September 28, 2004

Global Recession

I haven't seen this in any of the US news outlets - at least not put this baldly. Here's The Times:

Oil prices to 'cause global recession'

Purnomo Yusgiantoro, the president of Opec, the Organisation of Oil Producing Countries, today admitted that the cartel was powerless to halt spiralling oil costs, as the price per barrel broke through the $50 mark in New York overnight and in Asian deals earlier today.

The Indonesia official, reacting to the latest record oil prices, warned that constantly rising oil prices could bring about a global economic recession.

"Right now, Opec cannot do anything and the high oil price can cause a recession," he was reported as saying by AFP in Jakarta.

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