Middle East Economic Survey


No 35


Record High Oil Prices Solicit Different Consumer Responses

Senior officials in the US, Europe and Asia have responded differently over the past fortnight to the record high oil prices, focusing on the impact on domestic economies and growth projections.

US: A Drag

Dallas Federal Reserve Bank President Robert McTeer noted that the high prices this time around were a result of strong demand. It is very different if your oil prices are high...