A barrel of oil that once cost under 12 dollars is now up over 25, possibly heading for 30, and leading to price increases at the pump and surcharges on airline tickets. Economists say this remarkable increase will not necessarily derail the economic expansion, even though in years past the economy was highly sensitive to changes in the oil market. We asked Wendy Vapors to take a break as our chief political correspondent and focus instead on being an expert on oil and economics. It's as simple as can be if you don't let yourself get confused by numbers and facts. Demand for oil is up.
Supply is down.
There are no wrong answers. Actually there are. No home, everything on fire. That was the oil producers just a few years ago. So this is their revenge.