What Does Expensive Oil Mean?

So the inevitable happened this week with oil hitting $100 a barrel a couple of times before cooling down a touch to close the week out at just around $97. Most experts agree this is just the beginning of $100+ for oil and the days of cheap oil are most definitely behind us.

Well, assuming peak oil is here, past or just over the horizon, expensive oil will probably continue to be a huge issue in our lives from here on out. What’s more, it really begins to change the dynamics around the world in this increasingly global economy.

The Wall Street Journal had a lengthy article on the implications around the globe as oil prices continue to climb. I think it’s a great summary that helps us understand just what our thirst for oil has done and the implications for our future.