Watching the price of oil go up these days is a little like watching a river rise. At what point do we need to get the sandbags? When should we sound the warning horns? What is flood stage?
On Wednesday, the main U.S. oil contract hit $100 a barrel before retreating to $98.10. That was the highest price in more than two years.
Of course, prices could always go down. But with increasing global demand and widespread unrest in the Middle East, it’s possible that the price of fuel ”” by the barrel and by the gallon ”” will continue to rise. And when the price of oil rises, the price of just about everything else ”” driving, heating, shopping, eating and more ”” starts to move up too.
Flood level may be closer than we think.