The Oil Price Mirage The recent conflict in the Middle East had many predicting an oil price spike, one that would send shockwaves through the global economy and leave consumers scrambling for pennies at the pump.
However, as we look back on the past five months, it's clear that the feared spike never materialized. Oil prices were volatile but ultimately contained within a relatively narrow range.
The national average for regular gas peaked at $4. 56 in May, a far cry from the catastrophic levels predicted by some. For most drivers, the impact of the war on their wallets was manageable, if slightly annoying.