SUDDEN INCREASE IN CRUDE OIL PRICE ATTRIBUTED TO SEVERE WEATHER CONDITION IN EUROPE AND THE USA RESULTED IN FURTHER INCREASE IN FUEL PRICES AT THE GAS STATIONS IN THE USA.

Sudden increase in the price of crude oil in the world markets to the predicted prices of early January of next year2011 in mid December of this year than may have been anticipated earlier has been attributed to the high demand for energy in the households in Europe and in the USA, due to the early Winter season severe weather condition in lower freezing temperatures in the two continents. The price of crude oil per barrel jumped from $86 to $88.50 and further to $91 in the world markets. The increase in price of crude oil per barrel in the world markets resulted in further increase in prices of fuel at gas Stations in the USA. The price of the unleaded regular fuel increased to $2.86 and over in several Petrol stations in many States.

Written by Godfrey Ohia.