What does the coming year hold for the economy? BloggingStocks' Peter Cohan considers five issues that will factor heavily in 2008.

Oil prices near $100 are hurting many middle and lower income Americans - particularly those in cold parts of the country where heating oil prices are at record levels. 55% of the 149,000 people who responded to a poll of the most worrisome consumer trends ranked oil prices as their chief concern -- 24% ranked subprime mortgages most worrisome.

Many Americans are being forced to cut back on discretionary spending to keep the heat on in their homes and to pay for the gasoline needed to get back and forth from work and to shuttle their children.

Wealthier Americans just pay the higher prices and grumble without changing their consumption patterns.

What is your experience?

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter.

The oil shock - nearly $100 a barrel. How does the common American feel about the situation? originally appeared on BloggingStocks on Mon, 17 Dec 2007 14:35:00 EST. Please see our terms for use of feeds.