How high is high enough?

Been thinking about the rather parabolic rise of oil due to the mideast tensions over the last couple of weeks, and can’t help but notice that while Mr. Gaddhafi is the new public face of the revolution meme, Bahrain has disappeared. It’s being reported that large-scale protests are still occurring, but that the Saudi government may have “politely” asked the media not to cover it. If Bahrain escalates and/or spreads to Saudi Arabia, we’re in for a much larger spike in oil prices. I’m increasingly convinced that the U.S. is in for a double dip, and very soon, unless crude takes a dive in short order. There’s just not enough in peoples’ pockets in this “recovery” to absorb higher prices at the pump.

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