Can a 70$ oil price cause an economic recession??

If yes that may look like an economic cycle

economy is goo -> oil prices go up -> up up up

* crash *

economy is bad -> oil prices go down.

* really bad *

economy gets better -> oil prices go up again

Any ideas?

http://www.inthesetimes.com/site/main/article/cold_turkey/
so this guy may have a case after all.

$4 a gallon gas might be able to:

http://www.cnn.com/money/2005/08/31/news/gas_prices/index.htm?cnn=yes

It has occurred to me that the oil crash of 1974 was caused NOT by high prices of gas, but by low supply of gas. It's the suffering people experienced while waiting in gas lines that caused them to avoid gas-guzzlers, not the price of filling those gas-guzzlers.

Thus I theorize that the high price of gasoline can continue almost indefinitely, as long as the SUPPLY of gasoline continues. Now, if we get gas lines again, then FINALLY SUV's will go out of favor. Not before.

caracas' current gas price is $0.12 usd/gal

i wonder how much capacity they have?

import it from them instead of crude from OPEC

>import it from them instead of crude from OPEC.
LOL. We already import half of Venezuela's exports of oil. They are our 5th largest supplier, supplying us with something like 10% of our oil imports.