April 1, 2012
The price of crude oil, and consequently the price of everything, is rapidly increasing. This infographic, courtesy of fuelfreedom.org highlights the impacts of oil prices.
Some fact and impacts of oil prices:
- 10 out of the last 11 recessions occurred after an increase spike in oil prices
- $330 Billion – US net outflow for foreign oil
- Economists projecting 2012 to have the highest gas prices in history
- Estimation of up to $200 per barrel of oil if Iran relationship worsens
- Highest impacts would occur to lower – middle income earning families
Time for increased emphasis on alternative energy sources and technologies? You bet. Tough economic times an challenges such as these open the doors further to business opportunities around alternatives and green clean energy.
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