Obviously the last week or so, we have seen a huge spike in a barrel of oil, causing the price of gas to rise. Today it reached a new height of price to 67.10 a barrel American.
Five years ago a barrel of gas only cost 24.50 American, and by the end of the decade it could reach nearly $100 a barrel at the rate it is going.
The Globe and Mail did a time chart on the sky-rocketing gas prices on the August 9th issue, and had some interesting charts. When Bush took office for the first time, the price of oil slowly climbed up, though never sky-rocketing even after the 9-11 attacks. The price jumped quickly during the invasion of Iraq, but steady throughout 2003, and even went on a slow decline after Hussein was captured. When Iraq became dangerous and came near election time, the prices of oil went up, but quickly dropped after Bush was relected, but it has never really dropped completly. The last week Iran is ignoring the EU, and the West of its Nuclear program, and has decided to develop the technology. This also didn't help after the death of Saudi Arabia King Fahd.
On the globe and mail website was an audio presentation of reporter Patrick Brethour which I will post a linkAudio Clip (click the Indepth Story link will we ever see gas going lower by any means? Even if its leaving Iraq, taking over Iran or even somehow put a tariff over the amount of price of oil coming into the country? Or are we not going to see a low gas price these days?