Get used to it, high oil prices to stay!

OIL’S not called black gold for nothing. The cost of the commodity soared last week, reaching a record high of $66 per barrel on the New York Mercantile Exchange.

Get used to it, high oil prices to stay!
Mon, 15 Aug, 2005 - 01:00

And the price shows no sign of correcting yet.

So what's going on? Why has the cost of the world's most needed commodity soared by 56% year to date?

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CourtsPlace: ChinaPlace: northern hemispherePlace: USPlace: CaliforniaPlace: Middle EastPlace: EuropePerson: AmericansEvent: Iraq warOrganisation: OilOrganisation: New York Mercantile ExchangeOrganisation: ChinaOrganisation: IranOrganisation: OPECOrganisation: Ulster BankOrganisation: RBS Group
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