Oil Prices Surge on OPEC News, Which Will Help Revive U.S. Energy Investment, Says Economist

Oil prices surged early Wednesday on word that OPEC oil ministers have agreed on a production cut. Those rising oil prices aren't necessarily a negative for the U.S. economy, says John Canally, chief economic strategist at LPL Financial. Canally says if higher prices stick, that will revive investment in the U.S. energy industry, which has been hurt by the prolonged slump in prices. Canally believes such investment will trickle down and help other areas of the economy too.  He also doesn't think rising prices will have a big impact on consumer spending. TheStreet's Rhonda Schaffler has details from Wall Street.