New York (United States), 14.07.2006 - The recent escalation in the dangerous Middle East between Israel and Lebanon - both countries which themselves have no oil - is the background the recent surge in oil prices to new record high of 78 dollars per barrel (159 liters) for the variety "Light Sweet Crude" on the New York Commodity Exchange. European North Sea oil was this morning at $ 77.50 per barrel.
Significant oil reserves - Experts estimate that in the existing reserves in the Persian Gulf region about a third of world reserves of crude oil is located - but are in Iraq and in Saudi Arabia and Iran. But the proximity to large oil reserves in the Persian Gulf have set off alarm bells, because expansion of the conflict to other Middle Eastern countries in the region of Has become possible. The trend over the last two years clearly showed that the oil price is sensitive to any political crisis - often regardless of whether it is actually a shortage of the raw material oil or not. With the current rise, however, also plays a role in fear, not the world's oil reserves could reach, if in fact would result in an escalation of the conflict to supply disruptions.
experts consider an early rise in oil prices over the 80-dollar mark as likely. In Germany, the oil companies have already responded with initial price markups on the price of gasoline. On Thursday, Aral already the price by three cents per gallon consistently raised. Esso wanted yesterday 1.40 euros per liter of premium gasoline. Thus, the recent highs in the price of gasoline in September 2005 have not yet reached, as the average price of premium gasoline at 1.46 € was.
The economic effects of high oil prices vary according to economic experts, above all on the duration of the current crisis. What matters here is whether the current high level of an effect on the annual average price of oil. Oil prices should be temporary, that is two to three months remain at its current high levels, could be the economic effect be neglected. Dampening growth is likely to affect only a persistently high oil price if that should last until the autumn. + Wikinews +
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