No, you’re right, oil certainly is a small cost in literally everything we have. But hey, there is always something that is a bit more expensive than usaul in any process, and it is quite remarkable to see so far, that oil has not really stifled the US economy. I certainly, if someone told me years ago about 80+ oil, would have predicted chaos. But that is econ for you, very hard to predict, and takes on its own life form.
It’ll take awhile for the higher prices to hit at the pump, but when they do it’ll suck money from other sectors. A double wammy will be arriving in time for the cold weather in the form of higher priced heat.
bump for later