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Next oil-induced recession - are we there yet?

Submitted by Denis Tegg on 1 April 2011 - 1:17pm | updated 01 Apr 2011 | Blog entry

Research in the US confirms that there is a strong correlation between high oil prices and recessions. Recessions emerge when oil prices reach around $US85 a barrel (currently $US115 a barrel) or when the aggregate cost of oil for the nation equals 5.5% of GDP.

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