High Oil Prices Not Affecting Industrial States’ Economic Growth

Middle East Economic Survey

VOL. XLVII

No 36

6-September-2004

OIL PRICES

High Oil Prices Not Affecting Industrial States Economic Growth, Says Alhajji

The following comment was written for MEES by A F Alhajji, Associate Professor, College of Business Administration, Ohio Northern University.a-alhajji@onu.edu

Conventional wisdom states that high oil prices slow economic growth, cause inflation, and increase unemployment. The US recessions of the 1970s, 1991, and 2001 were all associated with high…