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Yesterday I posted about the pathetic state of Canadian (export-based) economics and reliance on the low dollar value. In that post we also sniped at the silly estimation that consumers are going to hold up the Canadian economy BUT that the conference board had not calculated oil prices into their estimates. Well, maybe they should. Here's a piece from the Times of London quoting an IMF report; the headline says it all: IMF sounds alarm bells over high oil prices
OIL prices are set to remain “high and volatile” in coming years, and will present a “serious risk” to global economic prospects, the International Monetary Fund warned governments last night.
In an analysis that threw the IMF’s weight behind other warnings over the economic dangers from high crude prices, the fund said that with the oil market already tight, further strong growth in demand was poised to keep prices high.