A higher oil price is like a tax on consumers. It pushes up price levels and consumers are going to spend less on everything else.

You've had not only a steady rise in actual oil and gas prices, but you have had a steady rise in the expected oil and gas prices by the companies. Spending plans appear to be robust.

In the longer term, you can't go too far wrong holding oil stocks with these prices.

OPEC is producing as much crude oil as anybody wants. Refiners have no shortage of the grades they need. But it's out of OPEC's hands to bring the price down.

OPEC is producing as much crude oil as anybody wants, ... Refiners have no shortage of the grades they need. But it's out of OPEC's hands to bring the price down.

Even if they are not capable of doing serious damage to oil infrastructure, political instability and the threat to the ruling family is of real concern and promises to haunt the oil market for some time to come,