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English
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| Number of pages / Number of words: |
4 / 986 |
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A leap of this nature in the price of oil appeared to be catastrophic for the economy and yet significant economic problems have not occurred. At least, not yet.
It could be said that no calamities have occurred from the dizzyingly high oil prices because enough time has not elapsed to calculate the damage...
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But placing the price of oil in the proper context helps to explain why similar problems to those encountered in the 1970s have not been repeated with this oil rate hike. The impact of the current surge in oil prices, though noticeable, is likely to prove less consequential to economic growth and inflation than in the 1970s...
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