Fueled by strong demand, worries about supplies and the eroding purchasing power of the dollar, crude oil prices continued to close in on the $100 a barrel mark Wednesday — up $35 in just the past six months.
With oil prices advancing so rapidly, the immediate unknown is where they will stop before taking a breather. But the longer-term question may be even tougher to answer: How high can oil prices go before the higher cost of energy tips the U.S. economy into recession?
The rising cost of energy was one of several factors that send stock prices tumbling Wednesday, with the Dow Jones industrial average losing 360 points, or nearly 3 percent. The Dow and other major indices have lost about 6 percent in the past month, largely because of problems at big banking and brokerage firms related to bad mortgage loans.
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