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Oil Price Shoots Ahead To $128

While many of us are still digesting the fact that the price of oil has moved over $100 a barrel, the price has pushed ahead still further to hit a high of $128 a barrel. If you believe the forecast of trusted financial outfit Goldman Sachs the price would be in for another major jump in the second half of 2008 â€" Goldmans are forecasting an average price for the second half of 2008 of $141 a barrel!

This is yet another hiccup for those hoping that the price would fall back and take some of the pressure off the cost of living. Oil has for some time been the main catalyst for an inflation rate which seems to go up and up, suggesting that both the UK and worldwide economies may come under yet more pressure in the short term.

The rise and rise of the price of oil has highlighted how much of our everyday lives depend upon the “black gold”, with each and every element of the economy affected in some shape or form. We are currently at the mercy of speculators and those looking to restrict supply to the market, not to mention the potential for yet further trouble in the Middle East â€" something which would push the price of oil still higher!

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