I hope you have a full tank of gas in your hybrid car because gasoline prices are getting ready to jump to record highs. Oil prices have already risen over six dollars per barrel over the last two weeks.
If the fighting spreads to Baghdad and threatens the region, then exports will be reduced. The world is delicately balanced in terms of oil supply and demand.
There is a good chance we will see gasoline at five dollars a gallon very soon. That will not just affect your gas bill. It will also cause the cost of food to rise because delivery to your supermarket will be more expensive.
If you haven’t done it already, stock up on your groceries and refill your fuel tank when it reaches half. Now is the time to get prepared.