Terror fears as a result of war in Iraq push oil prices to 22-year high
The price of oil rose to its highest level for more than 22 years after warnings of imminent terror attacks against Westerners in Saudi Arabia. There was also evidence that the surge in the price of crude oil driven in part by the invasion of Iraq and more general concerns about the security of the commodity's supply is poised to have a significant impact on the spending power of the consumers. Gas prices, which are dependent on oil, will increase by 11.9 per cent this month, according to Powergen, the supply company. And rising fuel bills faced by the airlines are likely to be passed on to passengers.
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