Oil basket price %2528monthly%2529
 - 

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.