Thursday, May 08, 2008

Oil Price Hike: What Next?

A few months ago, when oil price touched $100 a barrel many people got shocked. $100 was like a disaster zone or danger zone. Now, it touched $124 and in fact, new records are being made on oil price almost on a daily basis. Who does not need fuel? You can be rich or poor but you need oil.

AP wrote:

Oil prices slipped Thursday after jumping to a record near $124 a barrel in the previous session as investors captivated by the market's upward momentum seemed to ignore figures showing an increase in U.S. crude and gasoline supplies.

Analysts had no clear answer for what prompted the continuation of the surge that pushed prices past US$120 for the first time earlier this week.

So, what is next for oil price? $150, $200 or $500? I guess that no one will get shocked whatever the price comes. Well, I really wish that all the countries in the world really start to invest on alternative energy sources. Otherwise, the future will be bleak for world economy and you don’t have to be an expert to understand the danger.