Soaring price of oil - The real cost of energy dependence

AS commercial fishermen, bus companies, hauliers, the Irish Small and Medium Enterprise Association and British Airways yesterday reacted to soaring fuel costs by either demanding government intervention or increasing prices, America’s leading commodities regulator launched an unprecedented investigation into possible market manipulation.

The American Commodities Future Trading Commission (CFTC) investigation into the workings of the US crude oil market comes as record prices cripple parts of the global economy.

The concerns around energy costs deepened when stockbrokers Merrion predicted that Ryanair and Aer Lingus will ground aircraft next winter to avoid losses provoked by soaring fuel prices. Merrion expects Aer Lingus to ground 10% of its capacity during the next two winters.