I think the surprise will be that housing prices and housing sales will decelerate, but the economy will do just fine.
There's still quite a bit of slack in the economy, and you can't push through prices until you eliminate that slack.
The issue is does OPEC think the global economy is strong enough to withstand the change in price. It just so happens that the economies that are seeing the biggest price increases -- the United States and China -- are also the strongest.
The US economy is currently in the midst of the most profound hiring shortfall of any modern-day business cycle.
The underlying pace of the economy is strong. The fact that global growth is looking better will keep the economy strong through the balance of this year.