The energy shock to economic growth will be felt worldwide through the growing global imbalance between high investment and low consumer spending, New York-based The Conference Board reports. "The relationship between U.S. crude oil stocks and oil prices has become unhinged during the past year, probably due to new demand/supply factors heavily influenced by China," says Gail D. Fosler, executive vice president and chief economist. Despite recent dips in energy prices, consumers across the U.S. will be hard hit in the short term, she adds. Though oil prices hit new highs after recent hurricanes, the price surge was not sustainable. "But current oil prices are still well above the level consistent with their long-term fundamentals. In the coming months, oil prices should continue to fall toward levels more consistent with long-term economic fundamentals."
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