What is the impact of high oil prices on the global economy? (Part 2 of 3)

China’s spending on oil and gas imports more than doubled between 2009 and 2011 as a result of higher energy prices and increased import volumes – IEA Chief Economist Last week, the IEA released some slides which assess how current crude prices are contributing to economic malaise.

10 April 2012

The second set of slides continues to focus on the global impact of the current oil price.

Slides (part 2): Impact of high oil prices on the economy

  • Annual expenditure on net imports of oil
  • Europe: Rising energy prices compound the pain of austerity
  • Fukushima adds to the economic impact of higher oil prices in Japan
  • As China continues to grow, the impact of high energy prices is keenly felt

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