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Not all that much of an impact. It's a marginal increase in a cost that's a small fraction of most products, and that cost can easily be reduced by economy measures. We see the price of other commodities go up & down all the time, without much impact. Oil's no different.
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You got to be joking, I hope...
Oil is tied to almost every product we use.
Energy,food,clothing,packageing materials,electronics,building supplies,chemicals,etc,etc. The list goes on and on....
A 50% increase in the price of oil will most likely lead to a 15% increase in cost of consumer goods across the board. Since we are in a reccession, unemployment is high and workers that do have jobs are asked (forced) to take pay cuts, this then becomes a great burden to bear for most people.
The price of oil has a massive effect on the price of goods and services. It is a unseen tax that is handed down the line to the consumer by a very small group of people who profit handsomely.
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