Will We Hit $100? Such forecasts, once the province of the enviro-fringe, now come from the likes of Goldman Sachs. Here's why.

Byline: Karen Lowry Miller (With Michael Hastings in New York)

The first oil shock of the 21st century is now upon us, even if it has not (yet) hit the global economy. This time, the early fallout is measured in largely political terms--in the growing cockiness of oil states like Venezuela, the defiance of Iran, the expansion of state oil companies from producing nations like Russia, the backlash against hugely profitable oil giants and the near desperation of incumbent politicians in consuming nations like the United States and Germany. In recent weeks, as the price of oil passed $70 a barrel, the price of gas topped $3 a gallon in the United States and ex-oilman ...