Quote:
Originally Posted by CigaR007
Soaring gas prices will also have an impact on other goods such as clothing and food.
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Not all that much of an impact. It's a marginal increase in a cost that's a small fraction of most products, and that cost can easily be reduced by economy measures. We see the price of other commodities go up & down all the time, without much impact. Oil's no different.
And, as has been pointed out, the economies of Europe &c seem to be doing quite well with gas prices twice or more what they are in the US, while places with artificially low gas prices, such as Iran & Venezuela, survive only because their economies are propped up by oil exports.