Oil prices hit $100 a barrel briefly today before falling back.
If oil prices continue to rise and we see sustained oil prices at $100 a barel in the short term this is going to mean higher gas prices for me and you and higher heating oil prices in the long term higher prices across the board for every day items. I could also talk about the impact this is going to have on specific industries and in the long term this could fuel a recession that although we’re technically not in doesn’t stop the everyday person from believing we are.
Although I have my doubts, I really do hope this inspires people to start pressuring their elected officials and the car makes to spend more on developing alternative fuels and to put more into hybrids. Detroit MUST go greener sooner rather than later because after reaching the $100 mark the $120 and $150 naker might not be that far away.
Check out the story here.