Oil Price Boundaries

I discussed the rally up toward US$70 per barrel with the Wall Street Journal:

But higher oil prices could prove the oil rally's undoing, said Morgan Downey....Rising crude futures will eventually translate into higher retail petrol prices, which would force consumers to spend more on fuel and less on other goods that might spur growth in the wider economy. "The increase in oil prices has a real impact on consumers wallets. It's money that is not going to be spent on purchases," Mr Downey said. (source: WSJ)