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Oil prices can sock it to you at more than just the gas pump.
After reaching $70 a barrel in January, oil prices have hovered above $60 a barrel. That’s about 50 percent higher than they were last summer and double two years ago. Prices change daily, but hitting the $80 mark by the end of the year doesn’t sound too preposterous, Yoon Chou Chong, head of Asian equities at Natixis Asset Management, told CNBC.
You feel it when you fill ‘er up, but petroleum products also go into a wide range of goods such as fertilizer, tires, plastics, skin creams, detergents and many more. Here’s a look at 13 ways higher oil prices can put you and your budget over a barrel.