Oil prices – the writing on the wall

The price of crude oil continues to rise. It has now reached nearly $100 a barrel, which is not unexpected, and I expect that prices will continue to rise. Most OPEC members argue that there is no shortage of oil and that the price rise is not alarming. Of course it is in the interests of any oil producer to charge what the market will bear for a commodity, which is both finite and becoming increasingly expensive to obtain in a world where population growth and economic growth requires more energy, and oil is a key source of energy. Continue reading