The continued surge in oil prices is starting to cut into economic growth--and with it, the slowly recovering stock market.
So far, the economy and stocks have taken the unprecedented rise in energy costs in stride. But that's beginning to change.
Higher oil costs already are curbing some discretionary spending by consumers, which could slow the economic recovery. The stock market, in turn, could see its recent rally stall on worries about oil's impact on inflation and economic growth. That's largely what happened in the market on Wednesday.
And if stocks fall back, investors are likely to put more money in oil and other commodities, pushing prices up even more.
"High oil high prices are here to stay," says Fast Money viewer Robert. B. Who will be the first to drop prices, no one!"
Fast Money viewer Craig N. adds, "If a family has two cars, figure a fill up is running $60 for each car, that's $120, and figure there are 52 fill ups per year per car. 52 x $120 = $6,240.00" Figure an aftertax income of a couple earning $120,000 is $84,000. So, you are telling me that allocating 8% of your post tax income just to filling the tank is healthy for this economy?"
That leads to our Fast Money Reader Poll. Do you think the recent surge in oil prices will stall an economic recovery?
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