Fadel Gheit Economic Quotations

Higher oil prices stifle economic growth. There becomes a situation where manufacturers will have to charge consumers more for the increased cost of fuel. The economic recovery right now is very tentative and it can't be hit with higher oil prices.

Our economic dependence on oil is much less than it was even 10 years ago. If inflation comes, it won't be as big a hit as it was in the '80s.

Losing the Saudi oil would immediately shock the U.S. economy to the worst level in decades,

Any cooling in economic growth immediately will take oil demand down so one would expect the price will come down.

A rise in oil prices stifles economic growth, ... There is a close correlation between gasoline prices and retail sales. Paying more per week for gas means less disposable income, which impacts retail and the purchasing power of the consumer, as does a higher average home heating bill due to the cost of fuel oil.

I think OPEC is showing tremendous strength in keeping oil prices firm, but they cannot push it much further, ... If they do, they will have to contend with things that they do not want in the long run, like possible economic troubles.

Obviously, if they had cut production more, prices would have probably moved higher, and that would have curtailed economic growth, ... They want to make sure they will not be blamed for any economic slowdown in the second half of this year.