Coping With Sky-High Oil Prices

The signs are all there for a perfect storm. Global demand for oil is surging, supplies are tight, and geopolitical jitters are sending almost daily shock waves through the markets. As a result, oil prices have hit record highs. Economic growth and hiring already have shown signs of slowing in the U.S. And economists are increasingly concerned that both the global and U.S. recoveries could suffer a setback if prices remain at the $45 per barrel level -- or spike even higher because of a major terrorist attack or other cataclysmic event.

Here is a look at the powerful forces at play in the oil markets and the global economy: