23.03.2011 - $120 oil: The breaking point for consumers?
Some OPEC members may see oil prices peaking at $120 a barrel but in some parts of the U.S. it's already there or higher. The Iraqi Oil Minister said Monday that $120 oil is an "acceptable price" that will not hinder global growth. But many analysts disagree, saying $120 is the breaking point for consumers, which would halt the recovery. Even before escalating tensions in the Middle East and North Africa made headlines, which sent oil prices back above $100 a barrel, several investment firms, including BlackRock, acknowledged oil prices would likely rise to $120 or higher this year..............................................Full Article: Source
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