Petrol to hit £1 a litre ($7.49/US gal.) within weeks as oil supply strains show (UK)

[jpak]

http://business.guardian.co.uk/story/0,,2087711,00.html

Petrol prices were on course last night to break the pound-a-litre barrier after the cost of crude oil on global markets rose to its highest level this year.

With the US navy putting on a show of strength off the Iranian coast and oil workers in Nigeria launching an indefinite strike, a barrel of Brent crude was trading for almost $72 last night - up more than a dollar on the day and within six dollars of last summer's record $78.40.

ndustry experts in the UK said motorists - already paying an average 97p a litre on forecourts - could expect to be paying £1 or more within six weeks.

Ray Holloway, of the Petrol Retailers Association, said petrol prices had been edging higher throughout spring against a backdrop of US stockpiling of crude. But he said the latest increase meant the upward pressure would continue for the next two months.

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[sam sarrha]

1. New York Times today had an article about there NOT being any Shortage

another sourse i read said it is dick cheney doing an end run around the pResident to start a war with Iran, where an F'n Heart Attack when you need one

[liberal N proud]

3. I have seen similar pieces of information

[FogerRox]

2. KNR