Oil and the Economy

Concise issues:

It was very funny for me to hear Shukri Ghanem talking about his prediction of oil prices. For people who have not heard what he said: Mr. Ghanem predicted that oil prices could reach $100. Well, NO KIDDING!!..Ghanem reserved his highly knowledgeable comment until prices were at $94.

kidding aside, Oil prices can easily reach $100 and higher by the new year and early next year. If this situation would to really happen, it is suggested that the US economy is going to go through recession. This is bad news for the US economy, but disastrous for the rest of the world. So what would it really do to one dimension economies such as the Libyan? coupled with increase in prices in all commodities, can Libya stay afloat? Are Libyan bureaucrats prepared for all these convoluted issues? not to mention the stakes of our own governmental proposed expenditure for the coming years, on inflation and corruption matters ..

I am not really certain.

However, the US will try to play with the numbers to keep the prices down, and may never reach that $100 mark.