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

[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

[robowombat]

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.

[Gen. Burkhalter]

What “recovery”?

[jpl]

Because there is no recovery.

[Tublecane]

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

Duh, we have fluorescent bulbs and smart grids now.

[andy58-in-nh]

"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.

[OldNewYork]

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

[Former Proud Canadian]

"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.

[FromLori]

Rising Oil Prices Raise the Specter of a Double Dip

Yea sure

[JPG]

Ever wonder what a stupid government bureaucrat sounds like? Well, wonder no more.

[Bigun]

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

[The_Victor]

Can I get some of what they’re smoking?

[gwilhelm56]

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

an extremely LIGHT load!

[scooby321]

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

[skeeter]

The level of delusion is staggering.

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

[GonzoGOP]

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.

[himno hero]

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?

[Interesting Times]

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.

[WKUHilltopper]

Recovery? When’d that happen??

[Morpheus2009]

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.

[truthguy]

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.