Here we go again. Three years after oil peaked at $147 a barrel, and gas prices zoomed past $4 a gallon, the price of oil has returned to triple digits. The numbers provide a snapshot of our current situation.
$3.29 a gallon
The average price of a gallon of gas on Friday, up from $3.11 a month ago and more than $0.60 compared to a year ago. Many forecasters see $4 a gallon by summer.
$97.88 a barrel
Where oil futures ended in New York last week, jumping $12 for the week, resulting in the highest level since October 2008.
The amount of money taken out of consumer’s pockets, as a rule, with every 1-cent increase in the price at the pumps.
1 percentage point
The level of reduction in the global economy, over two years, with every $10 increase in the price of a barrel of oil.
700,000 barrels a day
The increase in crude oil output from Saudi Arabia since the end of 2010, a move taken to calm oil markets. Saudi output stands at 9 million barrels a day. Increased production helped lower the New York price by 77 cents today.
5 million barrels a day
Total amount of spare capacity that all OPEC countries are able to produce on an emergency basis. That’s a cushion of about 6 percent of the world’s consumption, after which oil production would not be able to keep pace with demand, resulting in possible record-breaking price levels.
There are two unknown figures regarding the current spike in oil and gasoline prices: The number of days the current prices will remain high or continue to grow; and the MPG of your personal vehicle—with the resulting impact on your wallet and the country’s economic vulnerability.