Soaring crude prices make the cost of pretty much everything else go up too because we almost literally eat oil

Soaring crude prices make the cost of pretty much everything else go up too because we almost literally eat oil: Soaring crude prices make the cost of pretty much everything else go up too because we almost literally eat oil The price of oil has been spiking in recent weeks in response to concerns that the war in Ukraine will significantly reduce supply. But what happens in oil markets never stays in oil markets. The price of U.S. crude oil jumped to a 13-year high of US$130 of on March 6, 2022. It has come down but has been trading above $110 since March 17. That’s over 60% higher than it was in mid-December, before fears of a Russian invasion began to mount.