Oil Soars, Stocks Plunge, Fueling Recession Fears

Oil Soars, Stocks Plunge, Fueling Recession Fears By LIZ PEEK, The Fiscal Times February 24, 2011Could an oil price shock drive the U.S. back into recession? It’s possible. Americans are cheering the tide of democracy washing across the Middle East, but their joy may be short-lived. With oil prices rocketing higher and stock markets reeling, consumers creeping out of their recession bunkers may find themselves hit by a double whammy of higher inflation and declining wealth. Depending on the severity of the oil production disruptions, the celebrations from Tunisia, Egypt and Libya could turn into lamentations at home, undermining Americans’...