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All events are temporary, but if oil prices skyrocket, the rest of the economy will suffer long-term damage and increase the chance of higher interest rates for everyone

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It's also timing. Before new production hits the market in 3-6 months, prices will fall again, and they will be holding a massive bag.

Why?! If oil price skyrockets, US just becomes richer. It's not what it was in 2008. US is the world's largest oil producers by far and one of the largest net exporters. So economy wins one way or the other, or petrostates won't be rich. Higher oil prices means money flowing in, not out.

Psychological/political consequencies of higher nominal sticker price of gas can be negative, but this is Trump's problem, not anyone else's.

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