Holy Hell, oil just topped $90 a barrel in after-hours electronic trading.

Full coverage here:

• Drivers beware: Oil at all-time high - Fortune

• Asia declines as oil tops $90 - Marketwatch

• Crude Oil Reaches Record $90 After Dollar Drops Against Euro - Bloomberg

• Oil Near New $90 High as US Dollar Sinks, Funds Buy - CNBC

CNBC has a piece about how $90 oil won't be that much of a bother. It's entitled Why $90 Oil Won't Hurt as Much as You'd Think. Maybe it won't hurt as much as we think, but it's still going to hurt.

The article says that compared to the last 70s we are much less dependant on energy. Consumers only spent 6% of their income on energy versus 9% in 1980. Well, if prices keep going up, that 6% is going to go higher also. The comparison was also done between the third quarter of 2007 and one month, April of 1980. April generally isn't a big heating month and the fact that similar time periods weren't used make me a bit dubuios of the conclusion.

But you decide. Will rising oil prices hurt you or not?