Oil Prices

Kevin Drum writes that Brad Delong thinks we are heading towards recession because oil prices are "spiking...." Jeez -- oil prices aren't spiking. Oil prices are here to stay. Oil has been above $70/barrel for about three months now, I just can't imagine that oil prices are going to fall much below that. They're more likely to reach $80 than $70.... That's just the way it is, and even though inflation is up in recent weeks I can't imagine any reason why it's going to go back down. Frankly, I'm surprised it's only 4.3%....