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Video of the Joint Economic Committee's hearing on oil and the economy.

Listen to it because you will learn something new.

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Here is an article titled The Economic Consequences of Rising Oil Prices that pertains to the above video.

This morning, the Joint Economic Committee of the U.S. Congress took up the implications of rising world oil demand for the U.S. economy.

The historical experience has been that even very large oil price increases cause relatively little immediate change in the quantity of oil consumed. The response of consumers to energy price increases over 2004-2006 was, if anything, even smaller than those historical estimates. It was not until the price rose substantially over $3 a gallon that we began to see some significant changes on the part of American consumers. Unfortunately, those changes in spending patterns can be quite disruptive for certain key economic sectors and seem to be part of the mechanism by which the earlier oil price shocks had contributed to previous economic recessions.

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My simple overview of the video is:

Oil supplies are tight.

Oil demand will rapidly increase once the economy begins recovery.

Then oil prices will skyrocket.

And the economy will suffer and "complete recovery" will never happen due to high priced oil constraints.

[Schmuto]

My simple overview of the video is:

Oil supplies are tight.

Oil demand will rapidly increase once the economy begins recovery.

Then oil prices will skyrocket.

And the economy will suffer and "complete recovery" will never happen due to high priced oil constraints.

I've been saying this for 2 years at least.

There can be little doubt - we are past peak and OPEC is struggling.

If they cut tomorrow, then get the fork out in preparation for the sticking, because we're almost done.

[ColossalContrarian]

I've been saying this for 2 years at least.

You haven’t even been a member for a year yet Cheshire

I haven’t heard much of Dr. Hamilton but he seems like a regular poster here at PO.com. I like when he spoke about there being no one solution and that the problem is too big however a combination of solutions would best suit US. I 100% agree.

That conference room is eerily empty don't you think?

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That conference room is eerily empty don't you think?

I am just glad a few people are actually talking about it seriously.