For reference purposes, I want to save this prediction. The Economic Outlook writer at The Sunday Times in England, David Smith calculated that oil prices would need to reach "just over $200 to produce the same kind of inflationary and recessionary shocks as in the past". He goes on to say that this "would be uncharted territory and is not remotely on the agenda". His rationale is that oil contributes much less to the overall GDP (at least in England) than it did in the 1970's.
Oil soars again, but no need to panic just yet
He ends on a pessimistic note however. Since England became a net oil importer for the first time in 11 years in June, "the more we import, the more that high prices will add to an already substantial trade deficit".
Cue echoey music.
Where the hell have you been
We`ve been waiting with our best suits on
Hair slicked back and all that jazz
Rolling down the Union Jack
See you at the barricades babe
See you when the lights go low, Joe
Hear you when the wheels turn round
Someday when the sky turns black
It appears because it`s what I feel
I know I don`t understand
If you ask you know I don`t mind kneeling
But when my knees hurt I like to stand
Instinct is the common lawyer
A million years won`t erase
Strike the chord I`m searching for
Call it a committed race