What is driving oil prices so high?

Friday, November 23, 2007

Oil prices have surged to record highs above $97 a barrel. Prices have more than quadrupled since 2002 and are currently 40percent higher than at the start of the year.

What factors are causing this unremitting increase and what are the likely consequences for consumers and the global economy?

What is causing the latest price spike?
This was triggered by simmering tensions between Turkey and Kurdish separatists in northern Iraq and fears of possible incursions by Turkish troops into Iraq.

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