Rising Oil Prices to Shock? Not Likely

Oil prices of $50 a barrel had a surprisingly small effect on the overall economy. What will happen if the oil price hits $60?

Americans may be on the verge of finding out.

Yesterday, crude oil soared $1.89 to a record $58.47 per barrel, and many analysts said it could soon break the $60 barrier.

But the economy will continue to grow anyway, even as motorists fork over ever more money at the gas tank and businesses face rising costs, some economists said.
The Seattle Times