Not everyone believes that high oil prices or the aftermath of Hurricane Katrina will have a significant impact on the US economy.
Ajay Kapur, global strategist at Citigroup, says the US is a "plutonomy", an economy powered by the wealthy. While the average consumer devotes 7.8 per cent of their total expenditure to energy-related products, high-earners devote just 6 per cent. "They account for the bulk of consumption and are relatively unscathed by high oil prices," Mr Kapur says.
http://news.ft.com/cms/s/eb079640-1f3b-11da-94d5-00000e2511c8.html
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