Oil Prices
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Oil Prices
Oil prices have reached another record high in London as OPEC ministers met to discuss the future of the production cuts that have driven up the price.
Crude oil has soared from a low of $10 a barrel this time last year to reach $24.94 for January delivery in London on Wednesday.
At one point it went above $25.07 a barrel, above the previous high of $25.05 set in January 1991, just before the Gulf War when the invasion of Kuwait seriously disrupted supplies.
http://news.bbc.co.uk/1/hi/business/...omy/525288.stm
Blimey. Those figures were from 1999. Using historical inflation data for UK and US (ignoring exchange rates):
UK: $25 then = $33 now
US: $25 then = $36 now
Crude oil has soared from a low of $10 a barrel this time last year to reach $24.94 for January delivery in London on Wednesday.
At one point it went above $25.07 a barrel, above the previous high of $25.05 set in January 1991, just before the Gulf War when the invasion of Kuwait seriously disrupted supplies.
http://news.bbc.co.uk/1/hi/business/...omy/525288.stm
Blimey. Those figures were from 1999. Using historical inflation data for UK and US (ignoring exchange rates):
UK: $25 then = $33 now
US: $25 then = $36 now