"Right now, much of the global economy is weak... and oil is still over $100 a barrel!
A few years ago, when oil prices first hit this level, the news came as an absolute shock. And soon, when gas hit $4 a gallon, the entire national conversation changed.
(It didn't change so much internationally, because, thanks to gas taxes, other countries already charge way more than $4 a gallon for gas, so oil price moves don't have so huge and visible an impact on driving costs)."
This may well be the last great spike. It's just beginning. Additional tensions with Iran could double this almost overnight. -- MCR
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