Oil Shock a New Risk to Economy

Irwin Stelzer, Weekly Standard
While political analysts are engaged in the morally elevated task of appraising the effects of events in Libya on the possible spread of democracy in the Arab world, economists are engaged in the grubbier task of figuring out what the effects will be on the economies of their countries. In America, this means taking a guess at the impact of higher oil prices on the nascent recovery.This is no easy chore. For one thing, it is difficult to determine just now how much of Libya's 1.6-1.7 million barrels of daily production, some 2 percent of the world total, has become unavailable.

Source: http://www.realclearpolitics.com/2011/02/26/oil_shock_a_new_risk_to_economy_251138.html

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