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Rising oil prices fuel fears about future of world economy
New York, May 09: Rising oil prices are leading to new fears about the future of the world economy.
New York, May 09: Rising oil prices are leading to new fears about the future of the world economy.
For the first time in 13 years, oil prices hit $40 a barrel. The rising oil price could have severe effects on the world economy, particularly in the United States, where cheap fuel prices are taken for granted by motorists. Oil production in much of the Arab world is controlled by OPEC, the Organisation of Petroleum Exporting Countries, although many of its members ignore its quota system and produce as much as they like. Terrorism and the risk of disruption in the Saudi oil supply is another factor.
Bureau Report
For the first time in 13 years, oil prices hit $40 a barrel. The rising oil price could have severe effects on the world economy, particularly in the United States, where cheap fuel prices are taken for granted by motorists. Oil production in much of the Arab world is controlled by OPEC, the Organisation of Petroleum Exporting Countries, although many of its members ignore its quota system and produce as much as they like. Terrorism and the risk of disruption in the Saudi oil supply is another factor.
Bureau Report