Economic Consequences Of The High Oil Price

The average January petrol price in the US set a new all-time-high. The high petrol price acts like an additional tax for US consumers. An increase of 10 cents per gallon translates into an additional burden of USD 14bn per year for US households. Therefore we expect the high petrol prices in the US to affect the economy (even though the extent remains unclear). Average January petrol price in the US (USD per gallon)Sources: Zerohedge, Gasbuddy, Erste Group Research In Europe, too, the higher oil price could soon trigger economic consequences.…

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