Just so that I have an excuse to use this cover image from the current Economist, I’m going to link to the story “America’s vulnerable economy”.
Most striking comment from the piece:
The oil price has risen mainly because of strong demand in emerging economies, which have accounted for as much as four-fifths of the total increase in oil consumption in the past five years. In past American recessions the oil price usually fell. This time it is likely to hold up. That will not only hurt the finances of Western consumers, but may also make the jobs of their central bankers harder, by combining inflationary pressure with economic slowdown.