While a high price for oil might bode well for the environment if it translates into less of the stuff being burned just to move us around, that large a gain in as little as 6 months could really put an economic hurtin' on people the world over. I probably don't need to remind everyone that the cost of, well, everything is pretty much tied in some way to the price of fuel. Of course, we did bring up the possibility before a couple months ago and even OPEC has mentioned it but with the time frame potentially being so incredibly compressed, it's a little worrisome. The rise is being blamed on a slow speed of growth of supply coupled with increased usage in countries like China and India. Maybe it's time to dust off that bicycle. Thanks to Aviv for the tip.
[Source: The Economic Times]