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One important thing I don't see being discussed much regarding oil price being a recession indicator is the relative impact of the price.
When considering the price of something, you're leaving out half of the equation if you aren't also considering the available buying power.
If the cost of the inputs to a company doubles but that company also has twice as much income, nothing really changed for them.
Companies/people have A LOT more money now. Oil would have to go to like $300-400 to have the same impact as when it went to $150 in 2008.
I don't think $100 oil is straining things as much as people seem to think it is.