Get ready for some pain at the pump.
Tensions in the Middle East, particularly in Libya, are pushing up oil prices. Crude oil was up 6.5 percent today — $95.42 a barrel. That means U.S. consumers will be shelling out more to fill up their gas tanks in about a week or two. And soon after, rising oil prices will have an inflationary effect on a wide range of industries — from the airlines to shipping companies. That could hurt the nation’s economic recovery efforts. It’ll also have a global impact.
Here’s a look at monthly oil prices during the past year:
On average, oil prices have steadily increased for more than a decade.
According to current estimates, more than three-quarters of the world’s proven oil reserves are located in OPEC Member Countries. About 70 percent of those reserves are located the Middle East.
Here’s a breakdown of global oil reserves:
Source: Organization of the Petroleum Exporting Countries (OPEC)
Click here for a full snapshot of recent statistics and data relating to the oil market.
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