I’m on vacation today with the whole family (meaning we are using the Suburban). Stopped to get gas and blew the entire vacation budget. Wow! Anyway, got me wondering just how fast the price of oil has been increasing.
At the beginning of 2006, oil was $60 per barrel. A year later, it was $75 per barrel and people were complaining. A year later, January 2008, oil crossed the $100 per barrel mark, meaning it took two years for oil to climb $40. I just read that oil today was at $138 per barrel, meaning it has taken less than 6 months to climb the same amount. And those forecasts of $200 per barrel by year end don’t seem so fanciful.
I just can’t fathom how our economy is going to deal with this ongoing and growing disruption.