Numbers that I have seen thrown around are that for every .01 cent increase in the price of gas costs the US consumer 1 billion dollars, that's money that would have been spent elsewhere, if you include Canada that would be about $1.1 billion and with Europe that about 2.4 billion dollars.
These prices are finally starting to have an effect on consumption, as we see that numbers for the US could actually fall this year.
If we get any more of a spike in oil this year, this will put a nail in the coffin for the global economy... something has to end the supercycle of debt permanently, since central bankers will not stop the insanity.
