A spike in prices, a peak to output – will oil be the downfall of global growth?

Oil worries are back, with the oil price this week nudging towards $58 a barrel. From a worm’s eye viewpoint here in Britain, the fact that diesel is going to over £4 a barrel will be a worry for many. From an eagle’s eye view surveying the global picture, the issue is less how this might hit our pockets but rather whether an oil shock will be the event than ends the current expansion of the world economy.