Price of Oil Finally Hits $100/Barrel
Well, the inevitable finally happened and the price of oil hit $100/barrel yesterday. That brings the price within the all time inflation adjusted high of $102.81achieved in 1980. Both prices are nothing more than psychological barriers, but the $100 mark will be easier to hit next time. Now with all that said, this price increase will hit everyone in the pocketbook and not necessarily at the gas pump. Watch out for increases in the price food. In case you have not noticed a new favorite trick of food manufacturing companies is to keep the prices the same and shrink the package or weight of the contents.
If you have not had a chance to view this interactive graph on oil from the WSJ it is worth a look.