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A century ago, petroleum - what we call oil - was just an obscure commodity; today it is almost as vital to human existence as water. - James Buchan
The price of oil is on everyone's lips these days. An attack on a Saudi production facility over the weekend sent shivers on the world's spine. Prospects of higher oil (USO) prices scare everyone - from central bankers to consumers.
Oil price spikes are effectively a tax rise on consumers and business, at least when it comes to Europe. In the United States, given