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