Oil is rebounding again, and we have to ask whether it might be the final blow for an economy that was already on the edge to begin with. After all, in yesterday’s video, Steve and I showed you the income data that looks just like a recession.
The energy shock is turning into something bigger. It is hitting consumers through gasoline and utility bills. It is hitting businesses through transportation, plastics, chemicals, shipping, and margins. It is hitting importers through their trade balances. And because oil is priced in dollars, we also have to consider the dollar part of this.
Video Length: 00:23:08
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