Photo by ^riza^. Licensed under Creative Commons license 2.0.

Sure, $100 for a barrel of oil was news back in January, but the predictions that even higher prices are on the way was pretty much accepted at the end of 2007. Welcome to the future, a time when a barrel of oil will set you back $105 and change.

Earlier today - thanks to a "surprise drop" in American crude supplies, tension in Latin America and OPEC's decision to not increase output - a new record of $105.10 was reached on the oil market. Adjusted for inflation, the record price of $103.76 (set in 1980) was smashed earlier this week, according to the AP. The trend is upwards folks, as most (but not all) of us know. Something to keep in mind if you're shopping for a vehicle these days.

[Source: AP]

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