The March to $150

Oil hit $109 per barrel today. Many people focus on the psychological value attached to a number like $100, as a threshold between something the American people could stomach and something the American people will have a serious problem with. What I have a serious problem with is the math behind the increases: in the last three weeks, the market unit price of oil has increased by 10 percent. As far as I'm concerned, that's worse than the arbitrary importance that everyone hung on $100.