What if They Held an Oil Crisis and No One Showed Up?
The most remarkable thing about the U.S. economy right now is its resilience .
When the price of oil started climbing after Iran succeeded in halting traffic through the Strait of Hormuz, there was good reason to worry that soaring gasoline prices would become a serious economic drag. Far more than creating risk of persistent inflation, higher gasoline prices risked siphoning demand from other parts of the economy. In the worst-case scenario, falling sales would trigger layoffs and raise unemployment, setting off a negative economic spiral.
It did not help that we appeared to be entering the…
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