It seems like for the better part of a year, we have discussed the possibility of oil reaching $80 to $100 a barrel. In the President Biden economy, that has become a casual, normal discussion. He has wrecked the strategic reserves, and now we have become dependent on Suadi and Iranian oil to the point of necessity. As tensions continue raging in the Middle East, especially with Israel planning retaliation on Iran for a recent missile strike, oil futures are once again spiking.

Many oil traders are betting on that $100 a barrel mark happening in the coming weeks. It could be in anticipation of escalation, or it could be anticipation of an all-out war breaking out, as Russia and Ukraine continue their struggles in Eastern Europe.

FOX News Oil and Gas expert Phill Flynn says hostility always results in volatility, but this time, it is showing how tight the market has become.

"We have had this perceptions supplies have been ample and there is nothing to worry about...the risk of losing Iranian oil supplies though could drive prices sharply higher," he says.

The November $100 call options hit a record late last week, and the December options saw their highest levels last week since September 20th.

Flynn does not it would likely take a much higher bit of escalation to really drive prices toward the $100 mark. But, as mentioned, we might not be far off from that. Israel has vowed to retaliate against Iran, after they launched 180 missiles at Israel last week. That has potential to open up a large-scale war in the Middle East.

This hike would ultimately cause gas prices to spike, maybe as much as 50 cents a gallon. In an already shaky economy, that would hurt American wallets even further. But this goes even beyond that.

"Oil filters down to manufacturing...and just about everything we use on a daily basis is impacted by the price of oil," he says.

But you have to look even beyond just the gas prices and oil prices hurting American wallets. It would also have an impact on the economy as a whole.

"After the initial shock, you have to determine if it does damage to the economy long haul...it creates a big problem for the Federal Reserve as well, who wants to cut interest rates, but might not be able to if this price spike feeds back into inflation," says Flynn.

We are nearing the end of the disastrous Biden Presidency. But a lot of damage can be done between now and Inauguration Day. His actions leading up to this could be a final sendoff that impacts us for years to come.