Economists have been surprised how little the current high price of oil has damaged the U.S. and world economies. After all, prices have already soared by 300% since 1999, yet nearly all regions of the world continue to chug along. That's a big contrast to the oil crises of the 1970s and 1980s, which sent economies into major funks.
What would happen, though, if the price of a barrel of oil topped the psychologically significant level of $100? The answer varies by region, with the worst likely impact in Asia and the least impact in Europe. But no question, oil prices one-third higher than they are now would sting everywhere.
Business Week
