As the price of oil shoots ever higher, and the price of gasoline rises with it, I keep thinking of 1973 and the beginning of the Arab oil embargo and the high inflation that followed it. This time it all seems to be market driven (plus the result of American political refusal to drill for more oil), rather than Middle East politics. But the result could be the same, i.e. higher prices for everything. A whole lot beside gasoline is affected by the price of oil.
Via The Oil Drum.
THE TEXAS SCRIBBLER 