September 29, 2008
Help! Oil Prices Have Jumped Again!
Oil prices have risen again and this time it has been the biggest ever single gain. They jumped from $16.37 per barrel to an agonising $120. Not only will this have repercussions on investors, but it is yet again to set the daily living cost to a ridiculous rate including petrol, oil and diesel prices hitting the roof.
Back in July, when oil hit its all time high price of around $145 per gallon, panic struck, flights were being cancelled and people could not afford to drive. Airline such as XL even had to call it a day. But since then the price had steadily relieved its self and brought drivers alike some relief.
Analysts have been amazed at the shock of such a big inflation jump in one day. They blame this on the continuing crisis at Wall Street, and it looks as though we should tighten our belts, for a bumpy ride over Christmas and New Year. We have already seen 2 major companies on the brink of extinction AIG and Lehman Brothers, with AIG getting a last minute rescue from government authorities.
Monday’s record rise reflected a type of trading fluke. By this I mean that it could be classed […]
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