Krugman: real fuel costs equivalent to oil at $140 per barrel

Nobel Prize-winning economist Paul Krugman says the real cost of fuel on global markets is equivalent to oil priced at around $140 per barrel. He attributes this to the escalating US-Iran conflict and refining bottlenecks that are driving up petroleum product prices. The nominal crude price remains lower, but the effective economic burden is significantly higher according to Krugman.