Kyoto
- 30 Oct 2007 01:23
- 3 of 49
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This is Money
Oil prices have surged to record highs, as the dollar plummets towards a 26-year low against the pound. Oil prices have risen by more than a third since mid-August and some economists now expect the price to rise to $100 a barrel. Chancellor Alistair Darling has urged oil cartel Opec to raise its production quotas in an effort to bring prices under control. However, experts said the increase in energy costs would have less of an impact than it did in the 1970s and 1980s, since the economy consumes around half the energy it did then per dollar of economic output.
New oil high as dollar falls to 26-year low