The thought of crude oil almost doubling in price is enough to generate fear of inflation accelerating beyond its already heightened level.

But some of the experts at JPMorgan Chase & Co. don't seem to think there's anything to worry about under such a scenario.

Strategists led by Marko Kolanovic said the economy and market can withstand significantly higher oil prices. 

"Adjusting for things such as inflation and consumer spending power, oil can leap to $130 or $150 without causing much trouble, their model shows," according to Bloomberg News.

Americans in the middle of a second year dealing with the COVID-19 pandemic may not be as optimistic if oil spikes. 

Higher oil prices represent stress on the budgets of American families facing increased pain at the pump and the supermarket, where prices can reflect the higher cost of shipping goods from factories and farms to grocery stores.

Oil rose to $79.78 per barrel on Wednesday, the highest price since November 2014, before falling to $77.43 for a daily drop of $1.50, or 1.9%.

The price of crude accounts for about half the cost of gasoline. The nation's average gas price is about $3.20 per gallon. The average is 97 cents higher than it was a year ago.