$104 per barrel.  Anyone that doesn't think this will ignite more inflation has not studied how $80 and $90 oil ignited the current pricing issues we have.

To make matters worse, the economy slowed during the first two months of the year, putting the nail in the recession coffin.

Jobs were down, services sector is contracting, a textbook recession.

Finally, the Federal Reserve is in the precarious position.  Lower rates to ignite the economy, but potentially risk igniting inflation even more.  The Fed Funds futures are pricing in another 50 basis point cut at the March 18, 2008 meeting, so it will be interesting to see what they do, and how they direct for future cuts.

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