Economic oil spill on the horizon?

Rising energy prices are a sign that the economy is improving. But at some point, higher oil and gas costs could jeopardize chances for a sustained recovery.

NEW YORK (CNNMoney.com) — Oil prices are on the march again, rising above $71 a barrel Monday for the first time in more than a month.

The good news is that increased optimism about an economic recovery is one big factor behind the jump in crude prices. The bad news is that if oil prices continue to rise, we may have to kiss those recovery hopes goodbye.

While there appear to be many signs that the economy is stabilizing, there has yet to be a pickup in consumer spending.

Many are still nervous about the economy, and the memory of last summer’s $4 a gallon gas and $140 a barrel oil is still fresh in the minds of most people.

So the last thing that consumers need are more worries about rising costs at the pump and how expensive it’s going to be to keep their homes warm this winter.

CNN