The price for Crude oil has now hit an all time high of $100 per barrel, this has happened due to the increased useage of oil and the shortfalls in production around the world.

Now that demand is outstripping production the forecast for oil prices are only going to get worse. Coupled with unrest in some of the oil producing countries and the surge in consumption from countries such as india and china. The production of oil and in particular gas or petrol will have to be increased to try and keep up with demand or as with recent trends the boom in the oil prices will only get higher.

This will also have a knock on effect for fuel bills from both places of work and homes. We should all concentrate on trying to save fuel consumption and other forms of energy need to be looked at more closely especially wind and sea energy as this will make us less reliable on oil.

The price of oil jumped by over $4 in a day today which is the first day of trading in the new year, with predictions of a boom in the price of oil continuing for the rest of january.