Oil And Arab World Turmoil

45:26

February 28, 2011

Oil prices and the economy. We’ll look at the scenarios ahead as the Arab World rolls.

American flags blow in the wind outside a Gibbs gas station in Topsham, Maine, where a sign shows the new price of gasoline. (AP)

Big jump in the price of oil last week — it's bumping a hundred dollars a barrel in the US now and even higher in Europe — and all eyes on the Arab world.

Uprisings in half a dozen nations. Toppled dictators already in two. Libya’s Qaddafi in his own, private Alamo. It’s a thrilling thing to watch. And more than enough to get oil traders very excited.

Economists, too – and not in a good way. Oil spikes mean recessions. Stagflation. The buzz is $5 gasoline this summer. And if Saudi Arabia rocks, hang on to your hat.

This hour On Point: we’re watching oil.
- Tom Ashbrook

Guests:

Tom Wallin, president of Energy Intelligence, an independent publisher of news and analysis of the global oil market.
Allen Sinai, chief global economist at Decision Economics, Inc.

Gates warns against more wars like Iraq and Afghanistan:
Video of Secretary Gates' address to West Point cadets last Friday.
Full transcript of Secretary Gates' address.

This program aired on February 28, 2011.