The president of OPEC announced today that crude oil prices are likely to stay above $100 a barrel throughout 2008. Of course, he cited the weakening US currency and the “geopolitical” atmosphere as the root cause for the price hike. The price may start to correct itself in 2009, after the seating of a new US president and if the dollar starts to rebound, he added. Read the full story here .
Oh, and by the way, crude oil topped an all time high today at $107 per barrel.
Are you feeling the pain at the pump?