Oil turns upward [GRAPH]

SHOOT: I think once the Asian tigers get into gear, a process that may take anything from 3-6 months (in my view), there will be a more solid increase in these prices. Asia uses proportionally more oil than the West and so current prices are effectively a tax cut for them. It may not fuel exports as much as local consumption. So we may see a temporary surge which will obviously be culled once oil prices rise high enough to create another Recessionary Effect.
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clipped from www.economist.com But consumers already battered by the economic slump, especially in poor countries, will not be pleased by rising costs.