Would $100 Oil Slam the Global Economy?

Economists have been surprised how little the current high price of oil has damaged the U.S. and world economies. After all, prices have already soared by 300% since 1999, yet nearly all regions of the world continue to chug along. That’s a big contrast to the oil crises of the 1970s and 1980s, which sent economies into major funks.

What would happen, though, if the price of a barrel of oil topped the psychologically significant level of $100? The answer varies by region, with the worst likely impact in Asia and the least impact in Europe. But no question, oil prices one-third higher than they are now would sting everywhere.
Business Week