Price Of Crude Oil And Gas Increase
Prices of crude oil and gas have recently seen a surge. The costs have gone up at an alarmingly fast speed.
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Of course this is largely due to increasing demand of crude that is not being met evenly across worldwide petroleum markets. To trigger a recession in its demand, prices have been raised. However, this has not brought the desired results. Mid-1980s was the time when the middle class started emerging as the main contributor to a nation’s economy. Since then to September 2003, the cost of a barrel of crude oil was normally under $25. Then in the year 2004 the rate of petroleum went over $40, even $50 per barrel.
In August 2005, political events like the war in Iraq saw oil per barrel being sold at $60. For a short time in 2006 the prices went up to $75 but stabilized at $60 per barrel.
October 2007 saw gas being sold at $99.29/barrel. Steadily the prices started going up. In the beginning of 2008 oil prices reached a new high of $103.05/barrel and remained constant at $110.20 in the month of March, but only for a few days. In June 2008 petrol was priced at $141.71/barrel and July 11 saw the petrol rates set a record at $147.02.
This is of course a disturbing trend. However, at the moment market is rife with speculation that prices are expected to come down in August.
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With growth in economy of many nations, the middle class consumers’ appetite is increasing for spending money. This is also largely due to the fact that easy loans are available that make buying bigger and better products feasible. One such consumer good is the car. 
