Forecasts for 2008

According to economic expert’s forecasts, 2008 will witness oil price surging to a new price level, representing a record high over the same period of previous years, in other words SPECULATION will continue to be the main driving force behind crude prices.
Two other major factors controlling the market are the law of supply and demand and political instability in key oil exporting countries...

Oil demand skyrocketed in 2007 while supply could not keep pace. This is the main reason pushing the oil price up. According to economic experts, in developed industrial countries such the US, Japan, and Western Europe,China and India, although economic growth slowed down, demand still increased.
However, reviewing the sources, OPEC currently accounts for one third of total oil worldwide. Thus, OPEC by itself cannot effectively stabilize the market in a critical situation.

Other factors influencing energy prices were the West's standoff with Iran over its nuclear program, attacks by Nigerian rebels on that oil-rich nation's crude infrastructure and Turkish attacks on Kurdish rebels in northern Iraq, which sparked concerns that the rebels would retaliate by attacking an oil pipeline.
So in Portugal we probably will continue to have one of the most expensive ( petrol/gas) final consumer price per litre in the world , here the word S P E C U L A T I O N rules, governments , and oil companies use daily to manipulate prices ... always in a upward trend.
For every litre of fuel a the petrol pump we pay 1,369€ ( REF. 95 octane ) 75% of the price is taxes ... ridicules but real... Every week we face a increase in the consumer price, no explanation is given, there is a total lack of respect between the government, oil companies and the population in general...,