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Why the Economy Can Withstand $100 Oil

Forget the credit crunch and mortgage crisis for a moment. What about rising oil prices? So far, the economy has shaken off high prices at the pump, no problemo. But what if oil his $100 or more? Don’t fret, says Jim Glassman of JPMorgan:

5) High oil prices, as unhappy as they make us, are doing God’s work, by curbing our appetite for carbon fuel, pointing us to greater energy security and limiting the impact of human activity on the environment. The decline in gasoline demand in response to rising energy costs is proof that markets work and that market mechanisms are our best energy policy.

US News

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