Oct 15, 2007
Surging Oil Prices...Ouch
Oil surges to $84 for first time. There is much debate over whether the oil price will rise or fall.
This time, oil prices have reached another record - surging past $84 a barrel for the first time. US sweet, light crude jumped as much as 97 cents to trade briefly at $84.05 a barrel in New York on supply fears before falling back to $83.69. What are these fears? Fears that world energy supplies will reach critical levels this winter rose on low US crude stockpiles and fears that supply from Iraq could be hit.
The whole world is dependent on oil (or gas, petrol). Without it, mankind cannot survive, it seems. This season of high oil prices, will be a good time to reflect on how to save gas or petrol in our driving. Better still, install a measure of fuel saving device for your vehicles to help reduce gas consumption on an individual basis.