U.S. is oil-shockproof — for now

The good news: Consumers and businesses are adapting to higher oil prices. But for how much longer?

NEW YORK (CNN/Money) – A new week, a new record: the stubborn surge in oil prices hasn’t shaken the U.S. economy — yet.

But economists and other experts expect that the months to come will challenge the ability of American consumers and businesses to keep absorbing the sticker shock of rising energy costs.
Again, there was no relief Thursday as oil prices set new record highs near $68 a barrel for U.S. light crude, and unleaded gasoline hovered at about $2.60 a gallon, up 39 percent from a year earlier.

If oil prices continue on their upward trajectory, could we relive the energy crisis of the 1970s?

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