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IS OIL THE NEW GREECE?

Aruba, March 20, 2012 - Gas prices in China rose as much as 7% Tuesday, the biggest increase since 2009 to offset rising costs for oil refineries. In the U.S., drivers are seeing pump prices inching up, slowly approaching record highs not seen since July 2008.
As gas prices rise, due largely to fears that tensions with Iran will cut off supply, is oil set to become the new Greece?

The chief economist at HSBC thinks so. Much like worries of the eurozone debt woes could weigh on the global economy, now rising oil prices are attracting similar attention.

Read more/ Source: http://business.blogs.cnn.com/2012/03/20/is-oil-the-new-greece/?hpt=ibu_t2

 

By orbitalnets.com