Goldman Sachs chief economist Jan Hatzius warned Washington that rising oil prices are going to send the US economy into a downward spiral.
He stated that “it would take a sustained oil price increase to $200 per barrel to produce an income shock similar in magnitude to those that precipitated the 1974 and 1979 recessions”, making 2022 recession a real possibility.
Brent crude prices have been steadily growing since the Ukrainian conflict took off, and Moscow has warned that Western sanctions could push the price all the way to $300 a barrel.
