One interesting aspect of high oil prices I haven't seen mentioned is that if it continues, and I believe these high levels will persist, population migration to warmer climes should occur, and could have a huge impact on local economies. With the baby boomers getting set to retire, I would expect in the next 5-10 years, the south and west will see an explosion in their populations, while the midwest and northeast populations will suffer a decline. Such migration should impact the local housing markets first, then job markets, retail, etc. We shall see . . .
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