The economics of oil dependence: a glass ceiling to recovery

The economics of oil dependence: a glass ceiling to recovery
Document type
Report
Author(s)
Johnson, Victoria; Simms, Andrew; Skrebowski, Chris
Publisher
New Economics Foundation
Date of publication
1 November 2012
Subject(s)
Trends: economic, social and technology trends affecting business
Collection
Business and management
Material type
Reports

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As growth in oil production slows and global demand continues to rise, sustained high oil prices and price spikes will have a significant impact on the economy, in effect placing a glass ceiling on recovery of the economy. The analysis presented in this report shows that this threat is as real and as imminent as was the banking crisis in the middle of the past decade. Without bold and imaginative action, the consequences will cast a shadow on generations to come. Unemployment, underfunded essential services, recession, and depressed and crippled economies provide daily reminders of what the future will hold.

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