With oil prices bouncing close to $120 a barrel, businesses and consumers in Asia are starting to feel some pain.  In addition, governments that subsidize fuel costs for their citizens are seeing higher oil costs cut into budgets.  Naomi Martig in Hong Kong takes a look at the implications of high oil prices for the region.

The recent surge in oil prices toward $120 a barrel had governments and consumers looking closely at their budgets.

Some economists and oil industry analysts say prices may inch down a bit in the coming weeks, but overall, there is little chance that they will fall much. ... Read full article