Soaring crude makes everything more costly — as we almost literally eat oil

THE PRICE OF oil has been spiking in recent weeks in response to concerns that the war in Ukraine will significantly reduce supply. But what happens in oil markets never stays in oil markets.

The price of U.S. crude oil jumped to a 13-year high of US$130 of on March 6, 2022. It has come down but has been trading above $110 since March 17. That’s over 60 percent higher than it was in mid-December, before fears of a Russian invasion began to mount.