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       #Post#: 14--------------------------------------------------
       Wouldn't it be more efficient
   DIR By: chandoona ct
       Date: August 30, 2023, 12:37 am
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       I think there are two ways to understand the interplay between
       the oil story and the 2008 financial crisis. The first, and in
       some ways the easiest, is to remember that three months before
       the bankruptcy of Lehman Brothers, which is often considered the
       epicenter crack _financial, oil reached 150 dollars per barrel,
       the highest price in history in absolute terms and adjusted for
       inflation. Thereafter, oil prices plummeted.
       When you look at the state of the Western economies at that
       time, in June 2008, you see that the US was in recession since
       the last quarter of 2007; the eurozone and UK economies were in
       recession because they could not sustain such India Email List
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       oil prices. This is not
       at all surprising, since all major recessions in Western
       economies since the end of World War II have had high oil prices
       as a precondition. Thus, there is a fairly direct relationship
       between when oil becomes excessively expensive, which destroys
       demand, and periods of recession.
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       The fact that the financial crisis happened in the way that we
       saw it in September 2008 prevented us from understanding the
       relationship between the energy and economic crises, not because
       the financial crisis was not important, but because people did
       not see that there was another crisis in March.
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