OPEC: Oil prices could continue to rise

OPEC president Chakib Khelil believes that the already staggering price for a barrel of oil could continue to rise. Citing the low value of the U.S. dollar, Khelil says that investors are likely to continue to place their bets on oil, a necessary commodity. With current prices hovering around $120 per barrel of dino-juice, the sixty percent increase mentioned by OPEC's leading man would place the going-rate darn near $200 a barrel.
Those of us living in the U.S. have seen our gas prices rise at an alarming rate, but Whatcar in the U.K. highlights more problems for those living across the pond. A strike at the Grangemoth oil refinery in Scotland could cause a ripple effect which would reach consumers just in time for the summer driving season. OPEC has chosen not to increase their output to help curb the supply and demand problem. Kinda makes us long for the electric car, huh?

[Source: What Car]

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