Crude reaches new hights

Today crude oil prices reached $135.04 that's a new record we don't want to see. The high prices are cause by the growing demand for oil and the weakening dollar. The earthquake in China has also played a major role in raising crude oil prices. Due to the earthquake some power plants are running low on coal and now rely on diesel generators to make power.

It's not only the earthquake what is responsible. China, India, the Middle East are consuming more and more oil due to their fast development.

The growing fuel prices are hitting every nation pretty hard. Even in Europe fishermen are preparing to go on strike. On may 30, French, Spanish and Portuguese fishermen are going on strikes.

Expensive fuel means expensive transportation, food, energy. Some analysts believe that crude oil prices are going to fall but I don't believe that. The demand for oil will continue to grow but the supply will stay at the same level making crude oil more and more expensive. At this rate I think we will need horses for transportation again...

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May 22 07:09 am

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