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.