Oil traded near the highest in more than two years in New York and Brent crude topped $100 a barrel after a seventh day of unrest in Egypt raised concern that supplies may be disrupted. end quote. Click on "Oil Near" above to read full news article.
It might just be (hopefully a gift to the world that all this is going on in the long run). Since we only have about 15 to 40 years left of oil left on planet earth(depending upon how fast it is used worldwide).
So, I guess what I'm saying is if oil gets too high (as in $150 to $200 a barrel) during this present crisis, maybe we will actually start learning to live without it. (Which is what the survival of the human race will depend on within 50 years).
So, get out your hybrids (cars, trucks, motorcycles, bicycles) or full electric vehicles of all kinds, because a bicycle, walking, and electric vehicles might be all most people can afford to drive by summer.
(I'm not saying it will happen this way, it's just a big unknown just how far the mideast countries demonstrations and revolutions will go towards democracy or tyranny and what that will do to oil supplies and prices and nations worldwide.
Welcome to a Brave New World!
Also, electricity in the U.S. won't be affected that much by oil prices because most electrical power plants operate only on natural gas, Coal, or nuclear or are generated by force of water. Since all our natural gas, coal and nuclear and water is from the U.S. these changes should not affect either electrical generation or electricity prices within the U.S.
I just realized I left out some electrical generation types like solar, wind, geothermal, and wave generation. There might be others that I'm not thinking about that have also been or are being developed.
So, the biggest concern regarding oil prices would be trucking of food and air cargo and passenger air travel and buses and trains. So, likely people might tend to buy more local produce which might be less expensive than flown in or trucked in produce. Starting an indoor or outdoor organic garden might be useful if oil goes above $125 a barrel worldwide in the near future.