The more we spend on energy, the less we spend on something else. Spending on gas at the pump means less money for restaurants.

Oil at $100 is bad because it increases inflation through direct price increases of gasoline and diesel, and through transportation cost pass-through to all goods and services.

First, gasoline and diesel prices directly feed into inflation as they go higher.

The bigger, more damaging impact is that everything else needs to be repriced higher because everything gets transported - public transport, private transport, taxis, Uber.

Jet fuel increases cause airlines to raise fares, making holidays more expensive.

Supermarket groceries become more expensive because transportation costs increase for supply trucks.