The turmoil going on in the
Bernanke said the increases so far "while a problem for many people, don't pose a significant risk to the recovery or to overall inflation." I think that this is assuming though that this is a temporary rise in oil prices. I am sure he believes that a prolonged rise in oil prices would be a threat to our economy.
Right now I think oil tankers believe that it's probably not a good idea to go into port in Libya. It is risky because if things don’t improve all exports could be shut off. The process of shipping could become very difficult. All this would increase the price of oil even more.