Some very interesting thoughts to that end, here, arguing that China, at least, can handle oil prices of $10-20/bbl higher than the U.S. If even partially true, that means we're in for a long period of stop-and-start low growth exacerbated by U.S. businesses being tight on adding jobs.
And, it says that many Arab nations want oil at $90 or above to buy off domestic discontent. But, if the West can't consistently afford it, or any Western energy savings get soaked up by China, the world economy may halfway hurt the West for some time.
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