Oil prices have been increasing dramatically in recent years. As a result, consumers are forced to endure increased costs for energy and gasoline. Oil prices affect the economy as a whole. Increased oil prices have an impact on costs involved in the manufacturing and transporting of goods; as such, they tend to result in aggravating inflationary trends. Author: Samirul Ariff bin Othman.MIERScan, 20 August 2007