CHART OF THE DAY: Oil Hits $100 -- Is It About To Kill The Economy Again?

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The big news of the day: OIl has once again hit $100 per barrel.

Unfortunately this comes at a time when the economy is behaving unimpressively already.

And in fact, there’s a decent history of oil price spikes preceding recessions.

It’s not every recession, and not every oil surge has caused a recession, but as you can see in this chart of monthly crude prices going back a few decades, there’s definitely a relationship between the spikes, and the grey shaded bars that indicate recession.

Note: This monthly chart from the St. Louis Federal Reserve is not updated with the current price. The point is to show the history of oil spikes and recessions.

chart of the day, price of crude oil, nov. 16, 2011

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