$80 Oil

Oil hit $80 earlier this week. That's lower than the record set in 1980 when, adjusting for inflation, oil hit $101, but, as anyone who drives knows, we've been on an upward tilt for quite a while now. And it doesn't look as though it will reverse itself anytime soon. Inventories of gas are at their lowest point since 2000. OPEC's increasing production by 500,000 barrels a day seems like a triviality in these days of galloping consumption.

What will the combination of worries in the credit markets, declining home sales and rising oil prices mean for the economy?

At $92

Oil futures in Asia hit $92. Six weeks ago oil was at $80. I wonder whether there may be a problem somewhere.