Osama bin Laden

Oil settled lower Monday after the dollar rose in afternoon trading.

Benchmark crude for June delivery fell 41 cents to settle at $113.52 a barrel on the New York Mercantile Exchange. In London, Brent crude lost 77 cents to settle at $125.12 a barrel on the ICE Futures exchange.

Oil dropped below $111 a barrel early Monday, after President Barack Obama announced Osama bin Laden was killed by U.S. forces in Pakistan. The dollar rose at the same time. Oil is priced in dollars, so as the dollar strengthens oil becomes less attractive to investors with foreign currency, and the price falls.
Later in the day, the dollar weakened and oil recovered some ground.

Bin Laden's death represents a tipping point for global oil and commodities prices, and the exit of Libya's Moammar Gadhafi could remove further uncertainty about oil supplies in the region.

The main concerns are the lingering issues of sovereign debt such as Greece, Irland and Portugal and the economic recovery, WorldWatch warns that if the consumer petrol pump prices in Portugal continues to rise, as it is already one of the most expensive in the world, then economic recovery will be a dream.
Gas pump prices are still climbing. The national average for a liter of regular 95 Octane is a staggering 1.641€, the most expensive ever.

International Monetary Fund

March unemployment in Portugal ranked the 10th highest among EU member countries at 11.1%, the same as the previous month, but higher than the 10.7% registered one year earlier
Portugal has one of the most expensive final consumer price for petrol (gas-US) in the world.
The prices are inflated on a weekly basis by the four companies present.Galp, BP, Repsol and Cepsa.

Galp Energy Regular 95 Octane (1,641) per litre.
Cepsa Regular 95 Octane (1,641) per litre.
BP Regular 95 Octane (1,641) per litre.
Repsol Regular 95 Octane (1,641) per litre.

Petrol has reached the most expensive price per litre ever in Portugal, passing the historic mark of July 2008, 1,525 eurosper litre...back then the crude price was $147 per barril not at todsaysprice of $91 per barril...
This type of price fixing is not allowed by EEC members but corruption is like a spiders web, reaches all governing bodies.
These prices are higher than the ones practiced in 2008, this and the defice of Portugal will sink even further the consumer spending, demand for petrol will have a decline in the first quarter of 2011 of 24%, according to chief analyst WorldWatch Portugal will enter a recession with possible social unrest caused by the increase in fuel, energy,medical care, education, unemployment (above 11.1%) and the reduction of public servants wages by a Further 5%.