Chart of Note: $100/barrel oil is a reality

By Kenneth Hunter

NOTE: Comments do not necessarily reflect those of author’s employer or affiliations.

As a result of concerns over social and political unrest in the Middle East, notably Libya and Bahrain, crude oil prices are increasing, both in the long and short term.

The chart above shows how prices are increasing (purple reflects Tuesday’s Intraday quotes via NYMEX). Below, you can see how prices for oil scheduled for delivery in future months (thru June 2012) compare to current prices, and how those difference have changed over the past several weeks.

Naturally, extended increases in crude oil, if sustained by actual market demand, could result to significant increases in gasoline and diesel prices, a challenging expenditure predicament for local governments already facing serious budgetary challenges.

(Graphs developed using Google Spreadsheets. To access the file containing these graphs and data, click here.)

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