At what price does oil stop driving the global economic engine and, in fact, cause it to stall?
Abby Joseph Cohen writes about this phenomenon, explains Guy Adami. She points out that although crude makes big headlines it’s not as big a deal to GDP as the Street often makes it out to be. Frankly, I don’t think we’re that close to a price which will make the global economy stall.
I think the big impact is the US driving consumer, adds Tim Seymour. If we see gas at $4 a gallon, then we might start to see some resistance.
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Trader disclosure: On Mar.11, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Pete Najarian Owns (AAPL), (AMAT), (BIIB), (C), (CSCO), (MS), (MSFT), (NOK), (XLF), (YHOO), (CPHD); Pete Najarian Owns (AA) Calls, (COP) Calls; Pete Najarian Owns (FNM) Puts; Finerman Owns (GS); Finerman's Firm Owns (AAPL), (AEO), (FNM), (GE), (JCP), (MO), (MSFT), (TSO), (VLO), (WMT), (YHOO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Seymour Owns (CFC), (CSCO), (INTC), (MBI), (MSFT), (S), (TMA), (TSO), (TSM); Seygem Asset Management Owns (VIP); GE Is The Parent Company Of CNBC