Well I heard something simular yesterday from a famous economic analist.

But reaction so far is somewhat overdone and more based on fears larger oil suppliers like Saoudi Arabia could be affected .But if the Lybia situation will cool down then oil price will drop again to more normal levels.

The analist here said that the US with their gas reserves is better of then Europe.I don't know how prices at the pump are evoluating but here we are now over the price before the crisis from 2008.Oil prices here have a big impact on inflation .

I guess the chart pattern from CLL could form some kind of a flag .After steady rising for a few days it could be we stay a while around current level and then jump another leg higher in the wake of March 17.Formation could be something like this