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Article: FED IGNORES RISING OIL PRICES AT OUR PERIL.(Editorial)
- Article from:
- Seattle Post-Intelligencer
- Article date:
- September 13, 2000
CopyrightCOPYRIGHT 2000 Seattle Post-Intelligencer. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. 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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Suffering from a touch of deja vu?
Oil prices have more than tripled since the end of 1998; political leaders, including President Clinton, are appealing to OPEC countries, whose oil ministers are meeting this weekend, to increase production; France has seen the return of long queues at gas stations, as truckers protesting about fuel prices block supplies.
Such news brings back scary memories of the three previous big oil-price shocks, in the early and late 1970s, and in 1990. On each of those occasions, when oil prices also roughly tripled, inflation duly rose and the world economy slipped into recession.
Yet, oddly, hardly anybody seems ...