How will our economy handle the oil hike?

Experts claim that because of years of falsely reported reserves and production increase capability lies, oil prices are going to jump massively in the near future and nothing can be done about it. $162 dolloars a barrel? How big of a strain would that be for our economy? Enough to make us vulnerable during wartime? Any economic majors out there?

news.bbc.co.uk...

[edit on 13-2-2006 by AnAbsoluteCreation]