Effects of higher oilHigher oil prices drives up production and transportation costs throughout the economy which are then passed through to food and core prices and higher oil canalso raise consumer and business expectations for future inflation indirectly raising food and core prices so the US will be backed into a corner when higher inflation numbers become a real issue and then interest rates will either have to be bumped higher which will kill the one global economy that is putting hope into the global recovery or the US starts selling SPR again to drive oil lower. Higher oil is a killer and should be at $60 not $80, Maybe short sellers are panicking pushing oil higher but no matter why oil is heading higher its going to crash this party.