News of crude oil supply shortfalls is putting even more upward pressure on crude oil prices, which soared to yet another record yesterday, settling at nearly $141 dollars per barrel. That’s roughly twice what it cost this time last year, when a barrel of oil was just $71 dollars.

Motor gasoline prices also broke new ground this week in the U.S., with a gallon of gasoline now averaging $4.09. To be sure, many Europeans are paying double that amount, but the cost of gas is now 39 percent higher than it was a year ago.

And, get ready for sharply higher heating costs this winter: natural gas prices are more than double what they were this time last year. One million BTU’s of the gas now sells for $13.63 – an unprecedented price for this time of year. Storage levels for natural gas are also 16 percent below what they were this time last year.

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