Cheap oil powered global growth for most of the last century, but the price of oil has...

|By:, SA News Editor

Cheap oil powered global growth for most of the last century, but the price of oil has quadrupled in the past decade, a shift that will permanently shackle the growth potential of the world’s economies, Jeff Rubin writes. Big budget deficits and low borrowing costs can't be long-term substitutes for cheap oil because "an economy can’t grow if it can no longer afford to burn the fuel on which it runs."