The OECD estimates in its latest Economic Outlook that, if oil prices averaged $ 22 a barrel for a full year, compared with $13 in 1998, this would increase the oil import bill in rich economies by only 0.25-0.5% of GDP. (2002 T3 #51)
OECD: The Organisation for Economic Co-operation and Development
The OECD estimats in its latest Economic Outlook that, if oil prices averaged $ 22 a barrel for a full year, compared with $ 13 in 1998, this would increase the oil import bill in rich economies by only 0.25-0.5% of GDP.