CBI's report shows that the rising oil price is taking its toll on industry.
The effect of the rising oil price on America could be even more disturbing.
How the Rising Oil Price Might Affect the U.S. Economy by Bill Bonner originally appeared in the Daily Reckoning.
FORBES: High Oil Prices, Global Instability: The Nasty Underbelly Of Fed Policy
Problems in the global financial markets, the rising oil price and strong euro - which is negative for European exporters - have heaped worries on the prospects for the health of Europe's biggest economy.
The same is true of China, which has a currency peg to the dollar and is thus fully exposed to the rising oil price, and has also, like many other developing countries, become much more reliant on oil in recent years as their economies have moved from agriculture to heavy manufacturing.
ECONOMIST: Are companies protesting too much about high oil prices?
The same is true of China, which has a currency peg to the dollar and is thus fully exposed to the rising oil price, and has also, like many other developing countries, become much more reliant on oil in recent years as its economy has moved from agriculture to heavy manufacturing.
The rising world oil price brought a return to economic growth in Venezuela in 2011 after two years of recession.
And in the winter, the rising price of oil is also making it more expensive to heat your homes.
Then, as now, the Fed was given a pass, successfully blaming the inflation it had created on trouble in the Middle East and the rising price of oil.
Criminals have profited from the increasing demand for energy and the rising price of oil.
So with the price of oil rising and the hot money sending stocks lower each and every time the price of crude ticks higher, what is the mainstream investor to do?
FORBES: First There Were PIIGS to Worry Over, Now We Have MENA
For years now, the rising price of oil and gas have been telling us, look, these are precious commodities.
For many airlines, the rising price of oil has caused fuel costs to move from 30% of total expenses to the upper 40% range.
EasyJet's earnings were hurt by the rising price of oil, which it failed to adequately hedge itself against--a process of buying its fuel ahead of time at an agreed-upon price.
Traders returned to panic mode on Tuesday in response to the rising price of oil and the growing uncertainty in what is now being referred to as MENA (Middle East, North Africa).
FORBES: First There Were PIIGS to Worry Over, Now We Have MENA
Worse, the cost of developing new fields is rising almost as fast as the oil price.
ECONOMIST: The price of oil is beyond $130 a barrel. Where will it stop?
Exxon Mobil's spell at the top of the rankings illustrated the importance of energy resources at a time when rising demand from Asia caused the oil price to rise more than fivefold over the past decade.
The oil price is rising because of strong global economic growth.
While these antics may focus the cameras on themselves, the price of Brent crude oil is rising everyday, and the cheapest option lies in Canada.
FORBES: Why Rail is a Dead End Alternative to Building the Keystone Pipeline
Economists are worried that inflation, which is so far rising only because of the oil price, might next develop its own momentum.
Although the future looks promising, the currently reality is difficult for auto manufacturers, with only small gains in car sales and headwinds this year and the rising price of steel and oil pushing many buyers to shift to cars that use less fuel.
FORBES: Forecast For The Auto Industry: Dense Cloud Coverage
Costs are rising for companies as the price of oil and other commodities goes up.
But the Asian producers started making more SUVs and pickup trucks in their North American factories to escape the duties, and then a rising oil-price led many motorists to abandon these often gas-guzzling vehicles.
According to the Australian Petroleum Institute, the price of petrol "has largely been driven by rising international crude oil costs and the falling value of the Australian dollar".
Despite the rapidly rising prices, there was no shortage of crude oil to justify the run up of price in the commodities pits.
The oil price, which had been rising in anticipation of the move, remained relatively calm.
Last August, the company blamed rising oil prices for a 5% price rise.
What a high and rising oil price might mean for the world economy is the subject of much debate among economists.
Some of this added burden has already come to light in the latest wholesale price index, which showed rising oil costs are driving an increase in manufacturing costs.
FORBES: BP Full Of Fault For Gulf Spill But Obama Guilty Of Propagating Economic Disaster
Any sense of true operating independence was badly undermined last year, however, when the government imposed price caps on electricity, even as the utilities grappled with rising coal and oil prices.
ECONOMIST: The opening up of China��s economy goes into reverse
应用推荐