Oil market traders have long been predicting a huge spike in oil prices.
But what if, for example, oil prices rose from $40 a barrel today to $70 or $80 a barrel in five years?
Then, say analysts, the value of all the instruments and the market’s perception of the global economy could be dramatically affected.
“It’s just a huge possibility,” says Craig Mankiw, president of research firm Standard & Poor’s.
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But the impact is so big, you really can’t measure it.”
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