It's disturbing there has been no major uprising against the cost of oil. People are not driving less.

The bond market has rebounded this week, and we've seen sentiment improving. Tensions over Iran, if that's driving oil higher, could be a problem.

Repairs are proceeding apace. Discretionary driving can be cut back but you have got to heat your house. Heating oil will soon lead the market.

Strictly natural gas and oil, that's what's driving up prices everywhere.

It's a respectable number for the wrong reasons. It's still oil that's driving imports whilst electronics, which are the No.1 export, are still down. We will surely see some slowdown in exports.

There's been a slight rebound in bonds this week. If its geopolitical tension over Iran that's driving oil higher, then it could impact growth.