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Jasper: Don't be so dismissive of an extra 0.5% unemployment, particularly when it is added to other problems. What if you were among them?

What triggered the current banking and housing crisis was the 2008 oil price shock. The article I linked to was unsatisfactory because at the time, there was little difference between the price of Texas and Brent crude. However, due to difficulty in Libya, the price of Brent crude is currently running $20-30 higher than the oft-quoted Texas crude price, which accounts for about $0.70/gal increase in gas. This wrinkle was not considered in the study, so the effect on unemployment is underestimated.

To compare unemployment and gas prices in "Europe" to the US is problematic. On the one had, the unemplyment in Spain is 21%, in Ireland 14.5% but Germany is only 6.1%. Obviously there are many, many variables besides the cost of gas and its taxes.

by goldfish on Sep 8, 2011 11:10 am • linkreport

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