As the turmoil in the Middle East spreads to Libya, a major oil producer, the shockwaves of Arab unrest are reverberating through the global oil supply chain – and threatening to spill over into the global economy.
With portions of Libyan production shut down by armed clashes across the country between opponents of Moammar Gadhafi's four-decade regime and his supporters, global oil prices rose above $110 Wednesday, based on the widely used Brent crude benchmark. Story: Price of oil soars above $100 amid fears over Libyan crisis
In the U.S., the surge in crude prices is expected to flow quickly to the cost of gasoline, further straining budgets stretched tight by sluggish wage gains.
Almost nothing affects nearly every aspect of our economy quicker then the price of fuel.
For the unspeakable , did you see the article I posted, a knowlegable fellow as far as the blurb on him...predicting $400 per barrell..no not tomorrow but..and others talking about $15.00 per gallon gasoline..it's on the thread were I'm calling for " Mom" for help here...far fetched? So many times, "far fetched" prove with in a reasonable time to be so right on..