crude oil prices vs world economy

@shaq33 (23)
June 10, 2008 4:49am CST
Where are crude oil prices heading?This is one question bothering tech analysts,commodity brokers,politicians and even the lay man.Frankly speaking the recent recession situation globally including countries like the us has high crude oil prices as its root cause.the primary reasons for the increase in oil prices are things like the depleting natural reserve and speculation due to that.the situation is so bad that on 1'st may 1998 theoil prices were 10.98$ per barrel and on last friday i.e on 6'th june 2008 the price went up by 11$ in one single i think there is a sereious need to look for some alternative energy resource as sooon as possible or else the world economy is heading for some serious trouble.The situation in the US is so bad that last week the unemployment data which was released was the worst in the last 2 decades thanx to the ever rising inflation due to high oil prices.Let's hope the crude oil prices come down at lesat to a more manageable extent"THE SOONER THE BETTER".
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