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Oil price increases to collapse the US economy?

I am intrigued by the WSJ’s concern that rising oil prices will destroy the US economy. Goodness gracious oil prices there are approaching $3-74 US per gallon. That’s about 98.8 US cents per litre or 40 per cent less than Australian prices.  Of course these prices are, in turn,  a dimension less than European prices. Indeed the US currently has the cheapest petrol in the world among developed economies. Time for the US to wean itself off the petrol teat?

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