Oil is up to $100 a barrel. Gas prices are well above $3 a gallon. And we’re paying a premium because of our dependency on foreign oil. We should know that. History has proven that when major conflict occurs in the Middle East, the global oil supply chain is thrown out of whack. Suddenly, the fear of not being able to meet demand drives prices up, up, up.
The chart below drills into the history of global oil supply disruptions, and shows that the crisis in Libya ranks as the eighth worst supply shock of all time.
Source (graphic): Clusterstock Chart of the Day, www.businessinsider.com
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