Soros on Oil Prices

In the latest issue of Fortune magazine, uber-finance expert and philanthropist George Soros explains why he believes US consumers, angry about gas prices, are less important that what's happening in developing countries:

A lot depends on whether the recession hits the developing world as well as the developed world. The impact [of pinched consumers in the U.S. using less gas] is much less than the impact of someone in China shifting from a bicycle to a scooter or from a bicycle to a car.