Syria, oil, India, and currency

With the United States and allies said to be considering a military strike against Syria, oil prices are up sharply again today — with the Texas benchmark up 1.4 percent to $110-150 a barrel. Higher oil prices are hurting emerging markets, where the Indian currency fell to a record low today, deeping the worst economic crisis there in 20 years. In the U.S., where some kind of economic recovery was in progress, what will higher oil prices mean? Julia Coronado, chief economist-North America for BNP Paribas in New York, explains it all.