Oil is back!

After being in free fall in the second half of last year, crude (OIL) is now on the rebound. West Texas Intermediate hitting its 2015 high last week. And Yahoo Finance Senior Columnist Michael Santoli feels the worst may finally be over.

“I think you did have the low, it’s come and gone,” he says.

Yahoo Finance Editor in Chief Andy Serwer concurs.

“I think the thing has turned,” he says. “I was talking to Boone Pickens out at the Milken Conference last week and he says it’s turned, it’s over.”

However, Santoli doesn’t see an immediate spike higher.

“I don’t think it’s off to the races,” he argues. “There’s no reason for it to trade up quickly toward $100, which is where we were a year ago.”

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Santoli adds that even though rising oil means rising gas prices, he doesn’t see that as much of a threat to the economic recovery since the drop in prices didn't have a significant an impact.

“We didn’t really see that much of a retail sales response,” he points out. “Consumers don’t really extrapolate that in their long-term plans. So it probably means a slight headwind but it’s happening for a decent reason, which is growth looks OK.”

Still, Serwer warns: be ready.

“Slow on the downside, fast on the upside, that’s gas prices,” he notes.

Yahoo Finance’s Jen Rogers is already watching at her local filling station.

“That guy’s going to be up there putting the price up for sure,” she laughs.

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