Posted on 02/23/2011 10:16:59 PM PST by NormsRevenge
WASHINGTON (Reuters) – The White House on Wednesday said higher oil prices caused by Middle East unrest must be monitored but would not stall the U.S. recovery, while reiterating a warning on the risks posed by global imbalances.
"Thus far, they're up, but we're not forecasting -- and you haven't seen the private forecasters forecasting -- that at these levels they would derail the recovery," said top White House economist Austan Goolsbee.
U.S. crude oil reached a 28-month high of $100 a barrel on Wednesday as violence in OPEC producer Libya caused output there to be reduced and investors bet that unrest elsewhere in the region could cause additional disruption to supplies.
Goolsbee was answering a reporter's question during remarks on the annual Economic Report of the President, which takes a broad look at the outlook for the U.S. and global economy.
Oil's steady climb in recent weeks as popular revolts toppled autocratic leaders in Tunisia and Egypt, while sparking massed demonstrations elsewhere in the Arab world, has unsettled stock markets and applied a potential brake to growth in the United States and other oil-importing economies.
(Excerpt) Read more at news.yahoo.com ...
what recovery?
Isn’t that one of the three greatest lies?
The list, ping
Let me know if you would like to be on or off the ping list
what recovery?
You beat me to it!
ping
>>what recovery?
You know - the one there’s “signs” of....
And in other news, the chocolate ration will be ~raised from 45 to 25 grams per week. Citizens please take note.
“Hell, we can do $150 barrels of oil, standing on our damn head!” said Goolsby.
Whatever these guys are smoking, I want some. NOT
Last year was the “Summer of Recovery”. It is almost spring again and we are still stuck where were then. There is NO RECOVERY, so the moron is right, oil increases will not affect what does not exist.
Memo to White House... Crack smoking makes you bat chit crazy. Try to stop.
OBummer must be sharing his pharmaceuticals with the staff.
What a bunch of Birdbrains.
What a bunch of Birdbrains.
Memo to White House... Crack smoking makes you bat chit crazy. Try to stop.
Hey, for this Regime, the party is just getting started.
And the year before that there were "green shoots" from all of the stimulus.
“Thus far, they’re up, but we’re not forecasting — and you haven’t seen the private forecasters forecasting — that at these levels they would derail the recovery,” said top White House economist Austan Goolsbee.
When did Bagdad Bob change his name and get a job at the white house?
Recovery? maybe the white house bar has recovered from the last party.
Oil won’t kill said non-recovery? your right. it was already dead.
Goolsby is an incompetent talking head.
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