As oil prices rise to levels not seen in over a year, we remind readers they can find the latest prices on our Oil Prices Charts page. Oil Prices rise on supply issues or political uncertainty in the Middle East, and in the long term because of inflation. This most recent move seems obviously related to the unrest in Egypt. But prices have remained very high this year before the current situation in Egypt and even thought there is sufficient supply, so we are keeping an eye on oil prices as a signal for inflation. It still remains to be seen whether gas prices will move up very much because of the move in oil prices. We are keeping an eye on that as well.
See: https://www.moneycafe.com/personal-finance/oil-prices/
See also: https://www.moneycafe.com/personal-finance/gas-prices/