Monday, June 30, 2008
Hello $5.00 a gallon gasoline?
OPEC President Chakib Khelil predicted that the price of oil will climb to $170 a barrel before the end of the year, citing the dollar’s decline and political conflicts.
“Oil prices are expected to reach $170 as demand for fuel is growing in the U.S. during the summer period and the dollar continues to weaken against the euro.”
Political pressure on Iran and the depreciation of the U.S. currency have caused a surge in oil prices, Khelil said.