$100 Oil: Household Budgets Feel Pinch as Inflation Looms

A recent spike in crude oil prices has pushed above $100 a barrel, and its effects on household budgets, inflation, and the stock market are being felt.

The Energy Information Administration estimates that a sustained $1-per-barrel change in crude oil prices can translate into approximately 2.4 cents per gallon at the pump, with about half of that change reaching consumers within two weeks and roughly 80% within four weeks.

A driver who travels 12,000 miles a year in a vehicle that averages 25 miles per gallon would see their annual fuel bill rise by approximately $230 if gasoline prices increase from $80 to $100 a barrel.