Oil Price Surge to $100 Per Barrel Sparks Higher Costs for Consumers

The price of oil has surpassed $100 per barrel for the first time since May as renewed fighting in the Middle East disrupts global supplies.

As a result, consumers are likely to feel more pain at the pump, with gasoline prices already averaging $4.09 per gallon in the US and rising in most states above $4.

Higher oil prices can trickle down to consumers through various channels, including grocery bills, shipping costs, and even back-to-school shopping expenses.

'Since everything relies on petroleum in our economy, for good or ill, if the cost of petroleum goes up, then everything else goes up as well,' said Joe Adamski, a managing director at procurement services company ProcureAbility.