Oil

OK, why aren't we collapsing as oil flirts with the $100/bbl price level. There are three reasons, offers The Economist, the London, England, based magazine. The Economist actually cites new papers by three "well-known economists (who) come to similar conclusions: oil shocks do not hurt as much because oil used less intensively than before, because the economy is more flexible and because central banks are better at controlling inflation." The economists are Oliver Blanchard and Jordi Galf, both of MIT, and William Nordhaus. The article is in the November 17 issue.