$200 a Barrel Oil
Light, sweet crude. This market term for oil is somehow endearing, hearkening back to a time when Hollywood glorified oil men. Wildcatters striking it rich and Jed Clampett moving his family to Beverly ... Hills, that is. There was an everyman’s face put to the image of oil wealth.
Oh, how times have changed.
As of today, oil has peaked to an all-time high of more than $122 dollars a barrel as worried traders start buying on what they think the future will hold, whether it be increased demand (see China and India) or decreased supply (see OPEC). And as scary as that is, there are still more predictions that see prices going past $200 a barrel in as little as six months. There is no telling what that will mean to the economy as the cost of manufacturing, shipping and selling goods will have to increase with it. The strain will have to eventually start to effect other industries in the way that the airline and transportation industries are feeling it now.
So, I ask you:
How has the price of oil and gas affected your business?
What, if anything can you do about it?