Posted AT 12:10 PM EDT on 05/07/08
Why oil prices will rise even higher
LONDON — Oil's meteoric rise since the start of the year to nearly $150 (U.S.) has distressed consumers and policy makers the world over, but the stark reality is prices are likely to rise higher still.
For two decades, prices were relatively stable, but then they rose seven-fold from a trough below $20 in 2001. Since breaching the $100 mark on the first trading day of this year they have risen around 45 per cent.
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