7/23/11, "Could U.S. Gas Prices Rise Above $5 Per Gallon?" IBTimes (International Business Times)
"No one knows precisely at what point oil begins to substantially hinder consumer spending and slow commercial activity - but this much is known:
- every $1 per barrel rise in oil decreases U.S. GDP by about $100 billion per year and
- every 1 cent increase in gasoline
- by about $600 million per year."...
2/23/11, "What Do Rising Oil Prices Mean for U.S. Economic Growth?" DailyFinance.com, Peter Cohan
"According to the International Monetary Fund,
- a $10-a-barrel increase in the price of oil
- reduces U.S. GDP growth by 0.5 percentage points."...
I mention Avlon's name in the headline of this post because I've repeatedly heard him say with great authority on Batchelor's show that the US economy is all about consumer spending, that consumers have the money and they just need to spend it. ed.