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United States & Europe Vulnerable to High Oil Prices

21 Mar

“Given the limited reserves of oil in the Member States, the EU is a net importer of crude oil,” reports the European Commission.  Given the high energy dependency amongst many  EU member nations, higher oil prices may be a serious drag on peripheral economies.

The graphic below better illustrates the troubling extent of this issue:

U.S. Treasury Secretary Timothy Geithner also cited rising oil prices as a key point of economic concern for the United States in recent remarks in New York.

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Posted by on March 21, 2012 in Oil

 

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