About 60% of global oil consumption comes in the form of fuel. The other 40% can be found in everything from mascara to medical devices.
American drivers were in for another unwelcome surprise at the pump Monday. The national average for a gallon of gas rose about 5 cents overnight to $4.065, an astonishing 46 cents higher than it was only a week ago, according to AAA, and only a nickel shy of the record set in 2008.
About 60% of global oil consumption is in the form of fuel. Much of what remains goes into a staggering array of products and household goods, many of which don’t have obvious connections to oil. Glickman said consumers can expect to pay more for smartphones, computers and TVs — all of which have plastic parts. And car prices are likely to stay in the stratosphere for longer. They don’t just run on gas — petroleum is a building block in tires to plastic body panels to foam seat cushions.
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