Crude oil price passes $120 a barrel mark for the first time
By Sean O'Grady
Tuesday, 6 May 2008
The price of oil leapt through the $120 barrier for the first time in New York yesterday. A rise of $3 during the day was sufficient for the commodity to record another landmark in its seemingly inexorable rise.
Futures touched a record $120.21 a barrel in intra-day trading. The price of crude has almost doubled in the past year, and its rise has been astonishing. Only five years ago, the Opec target price for crude was $22 to $28 a barrel; a decade ago it was about $10 a barrel. The president of Opec, the Algerian energy minister Chakib Khelil, indicated recently that the price could hit $200.
Link:
Crude oil price passes $120 a barrel mark for the first time - Business News, Business - The Independent
In Britain we're already paying $10 a gallon, now there is talk of it reaching $13 a gallon - and to cap it all our government is thinking of increasing it further with a "green tax"!