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With the possibility of the Iran nuke crises in the future outlook and one of the most intense hurricane seasons looking quite possible the price of oil may just starting its steep incline. At $70 a barrel, if it's sustained, will continue to drag consumer spending, which is already coping with the FED's steady increasing of higher interest rates and a cooling housing market. Higher oil prices also may apply upward pressure on inflation, but for the short term it is unlikely.
Many consumers and analysts are unclear if oil will continue to raise and dampen the outlook for the U.S. economy. The one portion that is clear is that oil has a heavy impact on the growth of the economy and consumer spending...
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