Three cheers for higher oil prices!

Kind of. Oil at $60 is good news if the rise is fueled by stronger demand, not a weak dollar and speculation. But at some point oil prices may become too high.

NEW YORK (CNNMoney.com) — The price of oil is back towards $60 a barrel for the first time since November. Prices have shot up more than 70% since hitting their low point for the year in mid-February.

At first blush (or gush) it is tempting to declare that the recent spike in oil prices is bad news. Gas prices are up about 10% in the past two weeks.

And consumers remember all too well what it was like when oil was over $147 a barrel and gas prices hit more than $4 a gallon.

But I come to praise the prospect of higher oil prices, not bury them. Hear me out before sending the hate mail.

CNN