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Article: Rising oil prices: How much of a danger? For now, the US economy is coping well, but prices raise threat of inflation.(USA)
- Article from:
- The Christian Science Monitor
- Article date:
- July 22, 1999
- Author:
CopyrightCOPYRIGHT 1999 The Christian Science Publishing Society. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The most remarkable thing about today's rising oil prices may be what isn't happening. Central bankers aren't sweating through their custom-made suits. Citizens aren't dusting off their bicycles as an alternative to gas-guzzling cars - unless they're just training for the Tour de Peoria.
Instead, as crude-oil prices have nearly doubled since February, consumers have absorbed higher gas costs with little grumbling and the US has seen only a minimal impact on its economy.
For now, other factors - such as a decreasing money supply and high productivity - have kept inflation down despite rising oil prices. And most industry experts see future oil prices ...