Rising Oil Prices
Written on May 7, 2008 – 10:41 pm | by Keith Neo
Since the beginning of last year, oil price has hit a rocket high of more than twice its price per barrel. According to BBC News quoting Bloomberg, the price of oil might even reached US$200 per barrel!
Oil prices have now risen 25% in the last four months and by 400% from 2001. Now, it does not seems favourable to anyone at all.
For me, who probably who thought of owning a car one day, that dream may not be eventually realised; all just because of oil prices.
Oil prices were slightly down in early Wednesday trading, with US light crude falling back 21 cents to $121.60 a barrel. London’s Brent dipped 17 cents to $120.14, back from the record $120.99 it hit on Tuesday.
Economists warn that continuing high oil prices will impact on the global economy, hitting growth and fuelling inflation. Hence, it does not really matter which part of the world that I am going to be in, this is just a global issue.
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