Bad weather has interfered with efforts to send out boats to clean up the oil and watch for the effects on wildlife in the Gulf of Mexico.

VOA: special.2010.05.04

Then, as another bellwether, watch for approval of the economically obvious XL oil pipeline from Canada.

FORBES: Economics 101 Comes to the U.S. Department of Energy: Exporting LNG is Good

Mr. Obama spent the past election year bragging that gas and oil production had risen on his watch, hoping to cadge some credit for the economic boom that has accompanied private-sector drilling advances.

WSJ: Strassel: The Real Obama Climate Deal

There are other variables to watch for too, mainly rising wages, commodity prices (oil and agriculture) and the possible of a QE-III in the U.S., not to mention more from the european currency printing press in the year ahead.

FORBES: Barclays: China Source Of High Inflation For "Next Decade"