Follow-up:
Nobelist Robert Solow :
"If there's an exogenous increase in oil prices -- from a monopolist -- then you could view it as an excise tax," Solow said in a phone interview. "The extra revenue stays outside" the U.S., although even that's only a first-round effect.
All signs point to the current oil price rise as "a demand- side driven increase," Solow said. As such, there aren't a lot of negative implications for growth.
PP