Crisis of rising oil price won’t go away
For consumers that’s all very fine, allowing for the fact that the price per litre of petrol has gone from 95c to 101c in the last six months. By the end of this month that will probably be over 103c per litre and on current indications it looks destined to climb further.
On Thursday the price of oil per barrel went over $60, a record in nominal terms in the price history for the black gold. To put that in context it would need to hit over $90 per barrel to replicate the previous record last reached for oil in the mid 1980s. Short term, at least, the ramifications of the cost of oil is less in economic terms than it was then.
