PARIS, France - March 3, 2011 - World renowned economist Nouriel Roubini has warned a further rise in oil prices could trigger a double-dip Depression in parts of the world.

Professor Roubini said that a further rise in oil prices was more likely to weigh on global growth than to spark global inflation, due to considerable slack remaining in developed economies.

Prof. Roubini, who was dubbed “Dr. Doom” for his warnings predicting the global housing and financial crises, also cited what he saw as the inability by the United States to tackle its gaping deficits, as one of the main risks to any global economic recovery.

"The risks that the bond vigilantes wake up in the U.S." are threats to the global economy, Prof. Roubini said at a dinner organized in Paris by the Atlantic Dinners, an event arranged by a Paris-based consultancy.

The spreading of the current Middle East turmoil to such key oil producers as Bahrain and Saudi Arabia could cause oil prices to shoot up to between $US140 and $US150 a barrel, which would cause a double-dip Depression in some countries, said Prof. Roubini.