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.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
