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Obama economist says oil spike won’t derail recovery (not a hoax)
Washington Times ^ | 11:24 a.m., Thursday, February 24, 2011 | By Kara Rowland

Posted on 02/24/2011 11:43:01 AM PST by robowombat

- The Washington Times President Obama 's top economic adviser said Thursday the White House() is monitoring the spike in oil prices as a result of uprisings in Libya , but said that recent fluctuations aren't likely to derail the U.S. economic recovery.

"The sensitivity of the economy to oil prices is not as great as it was in the past," Mr. Goolsbee( told reporters at a breakfast sponsored by the Christian Science Monitor . "The impact of oil prices comes from long-run, sustained increases to prices, not from short-run variations." The cost of a barrel of oil is hovering just under $100 on the New York Mercantile Exchange after eclipsing $103 overnight, as the violence gripping Libya has undermined production in the North African country. Prices are even higher in London, where crude oil was selling for $113 on the ICE Futures exchange.

S

(Excerpt) Read more at washingtontimes.com ...


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: energy; libya; obama; oil
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Bottom line; the beloved Austan Goolsbee unburdens himself of this wisdom: "still, while Mr. Goolsbee noted that "nobody likes to pay higher fuel costs," he did not appear overly concerned by the recent price jumps.
1 posted on 02/24/2011 11:43:06 AM PST by robowombat
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To: robowombat

What “recovery”?


2 posted on 02/24/2011 11:43:55 AM PST by Gen. Burkhalter
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To: robowombat

Because there is no recovery.


3 posted on 02/24/2011 11:44:05 AM PST by jpl (Run Christie, run.)
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To: robowombat

“Obama economist says oil spike won’t derail recovery”

Duh, we have fluorescent bulbs and smart grids now.


4 posted on 02/24/2011 11:44:48 AM PST by Tublecane
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To: robowombat
"The sensitivity of the economy to oil prices is not as great as it was in the past..."

Spoken like a man who has not driven himself anywhere nor pumped his own gas in 20 years.

5 posted on 02/24/2011 11:45:54 AM PST by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: robowombat

It’s a clown show with slightly less face-paint and wigs. Enjoy it while it lasts; you’ve paid in advance.


6 posted on 02/24/2011 11:45:57 AM PST by OldNewYork (social justice isn't justice; it's just socialism)
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To: robowombat
"The sensitivity of the economy to oil prices is not as great as it was in the past,"

The author of this utterance is either an absolute fool or a pathological liar. The complete idiocy of this statement will be revealed in the very near future.

7 posted on 02/24/2011 11:47:00 AM PST by Former Proud Canadian (How do I change my screen name now that we have the most conservative government in the world?)
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To: robowombat
Rising Oil Prices Raise the Specter of a Double Dip

Yea sure

8 posted on 02/24/2011 11:47:46 AM PST by FromLori (FromLori">)
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To: robowombat
Ever wonder what a stupid government bureaucrat sounds like? Well, wonder no more.
9 posted on 02/24/2011 11:48:14 AM PST by JPG (As WI goes, so goes the nation. Thank you, Gov Walker.)
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To: robowombat

Obama “economist” obviously earned his degree from the Patrice LaMumba School of Economics at Moscow University.


10 posted on 02/24/2011 11:48:33 AM PST by Bigun ("The most fearsome words in the English language are I'm from the government and I'm here to help!")
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To: robowombat

Can I get some of what they’re smoking?


11 posted on 02/24/2011 11:49:00 AM PST by The_Victor (If all I want is a warm feeling, I should just wet my pants.)
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To: robowombat

**Austan Goolsbee unburdens himself of this wisdom: **

an extremely LIGHT load!


12 posted on 02/24/2011 11:51:56 AM PST by gwilhelm56 (Egypt 2011 = Iran 1979)
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To: gwilhelm56

Fox Business just did a chart showing when gas prices skyrocketed sense 1971 there was a recession.


13 posted on 02/24/2011 11:54:47 AM PST by scooby321
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To: robowombat
The level of delusion is staggering.

I'm starting to believe there really is a parallel universe.

14 posted on 02/24/2011 11:55:44 AM PST by skeeter
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To: robowombat
while Mr. Goolsbee noted that "nobody likes to pay higher fuel costs," he did not appear overly concerned by the recent price jumps.

Sure, because the US Taxpayer is buying his gas. Either that or he drives one of those skittle pooping unicorns everyone is talking about.
15 posted on 02/24/2011 11:56:51 AM PST by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: The_Victor

Xactly.

They are well past smoking!

Now we have a marginal economy which is far more sensitive to rising input costs....

IS this Goebel’s-esque or what? Vvvat did the Fuhrer ~ Barry-O say?


16 posted on 02/24/2011 11:59:23 AM PST by himno hero
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To: robowombat
The Washington Times President Obama 's top economic adviser said...

If he wasn't willing to tell outrageous lies that benefit Obama, he would hardly have been selected for the job.

17 posted on 02/24/2011 12:00:27 PM PST by Interesting Times (WinterSoldier.com. SwiftVets.com. ToSetTheRecordStraight.com.)
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To: robowombat

Recovery? When’d that happen??


18 posted on 02/24/2011 12:01:36 PM PST by WKUHilltopper (Fix bayonets!)
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To: robowombat

Wow, as if I never heard such a condescending statement from a guy who is how well off? I mean, how affordable was $4.00/gallon gas and raised food prices for that 2008 year? Did it really affect their checkbook at all? Any way, that’s my letting off steam for the day.


19 posted on 02/24/2011 12:07:15 PM PST by Morpheus2009 (I pity the fool - Mr. T)
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To: robowombat
As others have commented, there is no recovery and WILL BE NO RECOVERY until this administration is removed from office. So don't expect any improvement until 2013 at the earliest and even then so much damage will have been done by the Obama Administration that it might take years to fix.

At least during this oil price spike, the US Auto manufacturers will be ready with high mileage cars. It would even be better if we could get the Nazis at EPA (the employment prevention agency as one person has called it) to allow for Diesels.
20 posted on 02/24/2011 12:09:13 PM PST by truthguy (Good intentions are not enough.)
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