Taking inflation into account, prices are still below levels seen in late 1980, when a barrel of oil - in today's prices - was worth more than $101.
Back then, costly oil helped contribute to a recession in the US and similar fears are resurfacing now.
The Bush administration has said it is "very concerned" about current price levels, at a time when the economy is already expected to slow significantly next year.
High energy prices make life more expensive for consumers and businesses, making spending in other areas of the economy more difficult.
Gasoline prices are hovering not far below the $3-a-gallon mark in the US, while UK petrol retailers have warned prices could soon rise above £1 a litre while in Portugal thre is a weekly fluctuation on a upward trend and at the moment the cheapest we have is 95 Octane at 1€369cents, one of the most expensive in the world..!!!
But on the other hand, oil companies such as ExxonMobil and BP,Galp,Shell,Repsol are having a wonderful time, while oil-rich countries are also smiling.
Oil wealth has underpinned President Hugo Chavez's efforts to reshape Venezuela, allowing him to fund extensive social programmes and reject US criticism of his policies, now this country is over 95 % dependent on crude exports.
Russia's oil and gas bonanza has underwritten efforts by President Vladimir Putin to exert state control over the country's energy sector.
BUT THOSE THAT MOST SUFFER ARE THE NORMAL EVERYDAY CONSUMER THAT HAVE HIGH PRICES OF OIL ....
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