The return of oil price shock - CNNMoney.com

The return of oil price shock Higher energy prices are a sign the economy is getting better. But with oil nearing $80 and gas inching toward $3, some fear a further spike could derail a recovery.

Oil prices tanked earlier this year on fears of impending economic doom. But prices are now back at their highest levels in a year on hopes that the recession is over.

NEW YORK (CNNMoney.com) -- Oil prices are back around $80 a barrel for the first time in nearly a year. But is that good news or bad news for the economy? Let the debate begin.

Of course, the knee-jerk reaction is to declare that rising oil prices must be a bad sign. After all, increased energy prices could be considered the equivalent of a big fat tax increase for an already cash-strapped consumer.

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