The Detroit News has this story today: Higher oil costs forcing increase in prices for everyday consumer goods.

A snippet:

Petroleum isn’t just for power; it’s a key ingredient in thousands of consumer products. More than half of a typical 42-gallon barrel is used to yield gasoline and fuel oil; the remainder goes into chemical products such as pharmaceuticals, fertilizers and pesticides, as well as the plastic for creating and packaging goods such as groceries and toiletries.

“Things are going to get worse before they get better,” said William Knudson, an agricultural economist at Michigan State University. “We haven’t yet seen the full impact of this gasoline pricing. These costs are beginning to spread through the general economy.”

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