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QUOTE It may be scare tactics though to try and persuade people to panic buy. Stories like this have been going around for a while now.

Whilst it may have been possible to "hedge" against spikes in the oil price for a few months by buying "forward", the BBC market data page shows that oil was trading at $60 a barrel 12 months ago vs $98 today, an increase I doubt many will have manage to avoid forever.

Having watched model railway prices shoot up in the 1970s following the massive increase in the oil price because they "contained a lot of plastic", I have been wondering how long it would take for the same thing to happen again.

If prices go up, I guess people will just buy less and be more choosy about what they do spend their money on.

David

Edit: And if you thought you could use chocolate to soften the blow of fewer new model railway purchases, the price of cocoa has increased by about 40% too!
 
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