"Every time oil spiked in the last 30 years, recession came. Why should this time be different?" CNN and Money Magazine write about impending doom:

"The link between energy costs and the economy are direct. When prices go up, businesses and consumers put more of their money into keeping the lights on and keeping their gas tank filled. That leaves them with less to spend, stifling growth. Most economists think that the economy will be able to stave off recession, but they view the recent jump in crude costs with alarm."