$100 oil won't derail the US economy
CNN
Russia's invasion of Ukraine has sent oil futures above $100 a barrel for the first time since 2014 and will probably bring $4-a-gallon gasoline to much of the United States. But it won't be a major drag on US economic growth.
Economists project that at most the nation's gross domestic product, the broadest measure of its economic activity, will have a few tenths of a percentage point shaved off its growth rate. With the economy growing very strong — GDP had its best growth since 1984 last year — America is expected to weather those higher prices just fine, even if drivers are grumbling.
The positives and negatives for the US economy from an oil price hike come close to balancing each other out, noted Paul Ashworth, chief North American economist for Capital Economics.
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