All eyes have been focused on the MIDDLE EAST for its huge impact on OIL prices. There is a debate between those who believe that the OIL supply disruption is inflationary as energy prices create a rising price environment and those who believe that high energy prices are a tremendous drag on economic growth. NOTES FROM UNDERGROUND is in the camp that OIL supply disruptions are a drag on growth, especially in an environment of high unemployment and a severely stretched consumer. It is this fear that has roiled the stock market in the U.S. and put stress upon the global financial system. Emerging markets that are already feeling the impact of higher food costs will now have to deal with higher energy prices, which many governments already subsidize for its citizens. Will the situation in Bahrain be as economic disastrous as some analysts and pundits are claiming?