How Will $100 Oil Affect You?
November 12, 2007 by Miranda Marquit
Filed under Family finances, Investing, Personal Finance, Trends
If you are a commodities investor, $100 oil may seem like a dream to you. Well, as long as you are making enough to offset the other costs. And if you are a successful investor, you probably are. But what about those of use who don’t invest in oil? Many people don’t, for whatever reason (my reasons are environmental and ethical).
Well here are some ways that $100 oil may affect you:
- Higher gas prices (CNN Money reports that we might see them closer to $4 a gallon by next spring)
- Heating prices this winter
- Higher airfares, as airlines boost prices to cover fuel costs
- Higher prices for food, since it has to be transported somewhere (in some places the prices of out of season produce and milk are already going up)
But even for the investors, it might be a good idea to watch out. $100 oil is expected sometime within the next year or so, but in the short term, some analysts foresee a correction in oil prices. And that could mean that the economy (and your pocketbook!) still has time before the squeeze actually sets in.
