Sure the price of gas is hurting a lot of us right now, but there are some that say $120 oil is actually good for consumers in the long run:
"Nobody at Goldman Sachs wants to see a fuel truck pull up and say "Ok, here's your 60,000 gallons of gasoline,'" said Michael Cosgrove, president of the commodities brokerage Amerex Brokers, which handles transactions for both banks and end users of oil like refineries. "Ultimately, it's the consumer."
Which is one reason why $120 oil is necessary - to limit demand in a supply-constrained world.
"I think the market is working," said Joseph Stanislaw, an independent energy adviser at the consulting firm Deloitte & Touche. "It forces us to make decisions as individual consumers that will change our behavior. It needs to be done."