Oil is up. Not good at all. I keep track of these things as they impact the cost of everything and thus my standard of living.

Oil futures surged to a new record over $120 a barrel Monday, raising concerns about higher prices for gasoline and goods and services throughout the economy. Retail gas prices fell more than a cent over the weekend, but oil’s advance increased the likelihood that pump prices would resume their climb.

Supply threats that emerged overseas and a weaker dollar sent light, sweet crude for June delivery to a new trading record of $120.36 a barrel on the New York Mercantile Exchange before futures retreated slightly to settle up $3.65 at a record $119.97.

But gas is down. But for how long?

The average national price of a gallon of regular gas slipped to $3.611 a gallon on Monday, down 1.1 cents from Friday, according to AAA and the Oil Price Information Service. Prices reached a record $3.623 a gallon on Thursday.

Wow! Big decline not! There is some good news if you can call it that.

While oil prices have risen nearly 94 percent in one year, gas prices are up only 19 percent.

Small comfort indeed. Expect gas prices to catch up eventually. I’m driving a whole lot less than I was a year ago. Expect that trend to continue.