Each $15 rise in price over $100 per barrel sustained for one year gives the effect of 1% reduction in GDP. Given Obama's GDP is just 1.7% at present oil at $150 would crush the fledgeling economy.
Obama has been proactive in ensuring we have an oil crises. Blame lands squarely on him because he has halted drilling in the gulf, halted the pipeline from Canada, and sicked his EPA on the energy industry.
When Iran is attacked, the price will certainly speed to the $150 level. The Saudis claim they will buffer the supply. Swell, can they do it for years?
Find current oil prices here.
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