Certified financial planner Wes Moss provides personal finance advice and accessible investment strategies. His guest post appears here weekly.
The media is having a field day with all of the unrest in Northern Africa and the Middle East. First Tunisia and Egypt, and now unrest has spread to Algeria, Jordan and Libya – home of professional wrestler look-alike Muammar Gaddafi. Didn’t we get rid of that guy in the 80s? Well, the result of all this unrest and what’s affecting you… is the shut down of oil flow from that country, which produces about 3% of the world’s crude.
Less oil coming out of the ground means less supply, which means higher prices. Some analysts are saying oil could hit $220 per barrel – up from $85 earlier this month.
With oil at $85 a barrel you can expect to pay around $3 per gallon at the pump. (I’m not talking about premium here because I never use premium.)
If you can remember the summer of 2008 when gas prices were over $4 per gallon, a barrel of oil