The cost of a barrel of oil could soon hit $60,
economists warned today after yet another record was set in New York.
The $55 benchmark for US light crude was breached, as prices rose 40c
to $55.33. In London, Brent crude futures climbed to equal an all-time
high of $50.40 a barrel. With prices now up around 75% in the past 12
months, economists said the rises were already impacting upon the
economy and manufacturing, albeit to a lesser degree than during the
1970s. Motorists have also been suffering, with the AA reporting that
the cost of unleaded petrol on UK forecourts now averages 83.66p a
litre. Short supplies and growing demand - exacerbated by disruption of
supply in Iraq and hurricanes in the Caribbean - have pushed the cost
of crude steadily higher. [more ]
Article originally appeared on (http://brownwatch.com/).
See website for complete article licensing information.
]