In his latest weekly commentary, Wharton Professor Jeremy Siegel offers the following perspective on oil prices:
"The U.S. is in much better shape to withstand steep increases than it was in the 1970s. The energy intensity of our economy (the amount of energy needed to produce $1 of GDP) is half of what it was in the 1970s. Nevertheless a slowdown is inevitable if prices continue to rise and a recession is not of the question if oil rises radically."
Click here for his full commentary.