February 22, 2008

Oil prices soar again

We could be looking at the prices of crude oil settling at new all time highs of above the $100 per barrel level. We have seen that the price did rise above the $100 mark but it did settle down later at below this figure, but it seems now that the prices are set to rise and stay high for the foreseeable future.

When the price announcements are made these normally mean that the actual prices won’t take effect until the month that they are delivered, so for the time being motorists in the UK can rest assured that the prices at the pump will remain stable at the levels they are now.

But in around six to eight weeks time when the new prices begin to take a grip then it is possible that the prices of fuel in the service stations will begin to gradually rise. This will have a knock on effect on effect as these costs will have to be passed on the consumers, so not only will fuel be going up, other products will do too.

Source [CNN]