Economists Sees Rising Oil as Problem

Washington, DC, March 21, 2011 -- High oil prices could provide a significant drag on the economy, according to a survey of economists by CNNMoney.

More than two-thirds of the 23 economists surveyed said high oil prices is the most serious threat to the economy, ahead of the continued housing problems.

Prices have risen about 15% in the past two months, pushing gas prices higher.

Economists are particularly worried that gasoline prices will continue to rise, choking off economic growth and dampening consumer confidence.

High oil and gas prices are being felt in the carpet industry as they hit the entire supply chain.

The most popular carpet fiber, nylon, is petroleum-based, while the most prevalent backing, polypropylene, is also tied to the price of oil.

And transportation costs are rising as the price of diesel fuel increases along with gas prices.