WITH CRUDE OIL PRICES

hitting an all-time high of close to $140-a-barrel Friday, it's only natural that consumers are worried about further pain at the pump.

Over the weekend, the national average for regular unleaded gasoline hit a milestone of $4 a gallon, according to AAA. Prices are only expected to go higher from there: a run-up in oil prices typically takes several weeks before it fully impacts prices at the pump. Last week's $11-a-barrel gain could translate into an extra 10 cents per gallon by mid-June, says Tancred Lidderdale, a senior economist with the Energy Information Administration.

The problems won't end at the pump, however. "Higher oil prices are the burden that keeps on hitting," says Jim Kliesch, senior engineer for the Union of Concerned Scientists, a non-profit that conducts research on environmental issues. Any type of consumer good or service that is made with petroleum, or is machine-processed or is shipped from one place to another that is to say, practically everything will cost more as oil prices climb. How fast and how far those prices will jump varies by item, he says. Prices for fresh farmers' market tomatoes could rise as soon as gas prices do, while it might take longer for increased manufacturing and transportation costs to hit say, flat-screen TVs.

"Our expectation is that the market forces that have been driving oil prices up will continue throughout the rest of the year," says Lidderdale. There's a glimmer of hope that some relief will come in 2009 as countries like Brazil, Azerbaijan, and Sudan begin ramping up oil production. But, for the most part, consumers shouldn't get too excited: today's higher prices are most likely here to stay, says Lidderdale.

From groceries to electric bills, here are some ways to keep skyrocketing oil prices from putting you in the poorhouse:

Airline Tickets

Rising oil prices have added more than $25 billion to airline fuel costs this year, reports the Air Transport Association. The result: more turbulence for travelers. Oil prices have triggered an array of new fees (as of late May, American Airlines (AMR) charges $15 for travelers' first checked bag), flight cutbacks (

Continental

Delta

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Gasoline

Believe it or not, it

possible to save at the pump. Changing your driving behavior (by not speeding, for example) can help boost your car's efficiency by as much as five miles per gallon a potential 20-cents per gallon savings, says Kliesch. Here are some other ways to save:

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Utilities

The same market factors that are driving up oil prices namely, increased demand in developing nations like China and India are also boosting prices for other commodities including natural gas and coal. Along with oil, the three fuel some 70% of electricity generators. As a result, the Energy Information Administration anticipates a 3.1% increase in electricity prices this year. Here's how to keep your electric bills tame this summer:

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Food

Any savvy grocery shopper knows that food prices are going through the roof. A gallon of milk now costs 23% more than it did in March 2007, egg prices are up a whopping 35% and a loaf of bread is 16% more expensive, according to the latest Consumer Price Index. Higher oil prices only heighten these increases since it costs more to produce and ship these goods. Here are some tricks to help keep your food costs down:

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Also See:

• Goodbye Gas Guzzlers

• 9 Ways to Save on Movie Tickets

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