How high oil prices will cap economic growth

The countries guzzling the most oil are taking the biggest hits to potential economic growth. That’s sobering news for the US, which consumes almost a fifth of the oil used in the world every day. Not long ago, when oil was $20 a barrel, the US was the locomotive of global economic growth; the federal government was running budget surpluses; the jobless rate at the beginning of the last decade was at a 40-year low.

Read Full Story>>