Europe has shrugged (high oil prices) off pretty well but I think we will see $70 a barrel and that might be the catalyst for a sell-off.

With oil prices at $60 a barrel it was a foregone conclusion they were not going to cut. If you do see disruption from Nigeria, if you do see disruption from Iran, the oil price will go substantially higher from here. So OPEC is reluctant to start turning the taps off just now.

We've had quite strong earnings, but that is starting to be reflected in the price. Multiples currently are getting high and things are looking a bit stretched.

A premium in the oil price of somewhere between 10 to 15 dollars a barrel reflects this heightened anxiety.

In the 70s, high oil prices were a shock... People woke up, but then they relaxed.

The reason gas prices are so high is because the oil is in Texas and Oklahoma and all the dipsticks are in Washington.