News In Brief

Oil: Snapshot of rising oil prices, reserves

Jaclyn Giovis Feb 22, 2011

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.

As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.

Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.

Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.