The Oil "Crisis". A front page article in the WSJ Monday explains "Why Oil's Surge Hasn't Damped Global Growth." It makes some interesting points.

In contrast with past "oil shocks", this "surge in oil prices stems more from global economic vigor - the strong demand for oil from China and the U.S. - rather than producers' manipulative tightening of supply or fears about Middle East conflicts disrupting supply."

"While oil prices during the surge have hit highs in nominal terms, the peak price in inlfation-adjusted terms would be over $90 in April 1980."

"Oil prices are now $16.50 a barrel above their May levels. Although the U.S. economy in 2004 was more than twice the size it was in 1979, the Energy Department says the nation consumed only 9% more petroleum, primarily because it has become more energy-efficieint."