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Oil price set to double causing recession

As Libyan output slumps, chances rise of a global supply shock that could push the UK back into recession.
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Oil hit a 30-month high last week as the turmoil in Libya cut supplies by over a million barrels a day, raising the chances of a global supply shock that could push the UK economy back into recession.
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With speculation calming, at least for the moment, oil prices are no longer soaring higher and higher every day. But prices are at a tipping point.
... if we go much higher, all bets are off. Spending on petroleum products is a relatively small fraction of the economy, but it carries psychological weight. And because petroleum products are tied to transportation costs, higher oil prices can spur inflation.
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Wall Street Journal finally decided that to mention the idea to its readers, in an article called “Rising Oil Prices Raise the Specter Of a Double Dip“. The quote they highlight as a “call out” is

When Consumers spend more at the pump, they often cut back on discretionary purchases.
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full article here: http://www.energybulletin.net/stories/2011-02-27/oil-prices-feb-27#