The Guardian (UK): Fears of £1 a litre for petrol as world prices reach high
Increased demand and repercussions from Saudi Arabia and Iran hit markets: “Vince Cable, the Liberal Democrat Treasury spokesman and a former economist at Shell, believes that all the talk of the $100 barrel of oil is alarmist.”
Wednesday Aug 10, 2005
ASHLEY SEAGER
Petrol prices at the pump set yet another record yesterday after world oil prices touched an all-time high for the second day running. Analysts said pounds 1 a litre for petrol and even more for diesel was now a possibility but added that it was likely oil prices would fall back again in the autumn.
US light crude futures set a fresh record of $64.37 yesterday while Brent futures hit an all-time high of $63.70. Both were pushed higher by threats of attacks in Saudi Arabia, the world’s biggest oil exporter, and by jitters about the resumption by Iran, Opec’s second largest oil producer, of its nuclear programme.