To put it in perspective, people gladly pay $3 a day for 20 ounces of coffee or bottled water. Consider the recent price per gallon of other items: coffee is about $32 per gallon; shampoo is nearly $40, orange juice is more than $7 and milk is about $4.

People constantly worry about oil costing $100 a barrel or more, but here’s what other things would cost per barrel: soda per barrel would be $126, mouthwash per barrel would be $682, and olive oil per barrel would be $2,370!

The price of global commodities is based on supply and demand, and crude oil is no different. The availability of the daily world oil supply is based on two simple factors—how much crude oil can be produced and how quickly and efficiently that raw energy can be turned into gasoline and other products for consumers.

Since developing nations such as China and India are using more oil, global demand – and global price – has increased. Even with gains in efficiency, technology and alternatives, the world’s supply/demand balance will remain tight as nations seek the energy they need to sustain domestic growth. This tight global demand illustrates why oil and natural gas companies need increased access to develop domestic sources of oil and natural gas. Domestic barriers to oil and natural gas production only contribute to volatile energy prices, slower economic growth, and lost American jobs.