Oil has been one of the big pieces of news recently, with some forecasters predicting much higher prices at the pump, whereas others are predicting a stabilization and downward trend as other countries start to increase their output.

The price of oil is important for our economic recovery, and if prices continue to climb, this will not be good. A higher oil price can negate all the progress we’ve seen so far.

To the right is the historical price of oil. Let’s not forget we’ve been here before and survived.