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Article: Ulster consumers hit hard as oil prices soar to record high
- Article from:
- Belfast Telegraph
- Article date:
- January 4, 2008
- Author:
CopyrightCopyright 2008 Belfast Telegraph. Provided by ProQuest LLC. (Hide copyright information)
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This comes after the Belfast Telegraph revealed this week that
motorists in Northern Ireland were paying more for fuel than
anywhere else in the UK.
Add this crude oil price rise to hikes in food prices, home
heating oil and air travel, and it looks like everyone will be
tightening their belts in 2008.
Crude oil hit the $100 threshold on the New York Mercantile
Exchange on Wednesday and sent shockwaves through the world's
financial markets.
It means that oil prices, which had fallen to a low of $50 a
barrel at the beginning of 2007, have now quadrupled since 2003 and
rose 58% last year.
Analysts believe the strong demand for petroleum products in 2008
and a range of political tensions, ...