In recent days, oil prices have climbed above $100 per barrel. As chaos spreads through the Arab world, we could soon see much worse.
According to recent testimony given to Congress by Federal Reserve Chairman Ben S. Bernanke, the current soaring oil prices are no reason for concern. According to the stock market, which has dropped hundreds of points each time oil prices have edged up another dollar or two, the situation is a five-alarm emergency. Who is right?