Bulltick Capital Markets chief strategist Kathryn Rooney Vera provided insight into the oil market during an appearance on FOX Business' "Mornings with Maria" Monday, arguing that prices remaining high would be a "headwind" on economic activity.
KATHRYN ROONEY VERA: We've already had prices at the pump doubling. So if we continue to see that, then we're going to get some slowdown with regard to consumption and the like. It is effectively a tax and if we have additional taxes coming from the government on other things, combined with a doubling in the price at the pump, then that could curtail economic activity at a point where we don't want that to happen. Remember that we've had extraordinary growth this year because of low base effects.
Next year is unlikely to see that type of growth. So if we have oil prices remaining high and continuing to move higher, then of course that's going to happen and it's going to be a headwind on economic activity.
That's why I think we need to look at alternative energy sources and put our money to work there.
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