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

  • Written by Veronika Dolar, Assistant Professor of Economics, SUNY Old Westbury
Soaring crude prices make the cost of pretty much everything else go up too because we almost literally eat oilHopefully, we aren't actually what we eat.ozgurdonmaz/iStock via Getty Images

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,...

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