It was just half a year ago that economists were wondering whether the price of a barrel of crude oil would ever go above $100. Today, the price of oil has shot up past $135 per barrel. That’s more than a $5 increase in just one day.
Fill up your gas tank now. Bring an extra container while you’re at it. The price of oil is going to be a lot more expensive before too long.
I don’t like to contribute to an unnecessary panic. In this case, however, panic is not really unnecessary. Breathe deeply. Keep control of your emotions. Drive safely.
But oh my freaking goodness hang on to your hat. Things are about to get freaky.
People have already been cutting back on their spending due to the inflation that has come from the increase in the price of fossil fuels. What will people do now, and what will the economic consequences be?
How can people already living on the edge, with debts they’re barely keeping up with, possibly deal with the 20 percent increase in oil prices just over the last three weeks?