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Car Insurance -
Oil above $100: Bad news for drivers - 03/01/2008
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There was bad news for drivers on the global markets yesterday - with barrels of crude oil rising to an unprecedented $100.
High wholesale prices towards the end of last year has put the squeeze on motorists worldwide - with petrol pumps currently charging £1 per litre.
With yesterday's market activity purportedly a sign of things to come, motorists are braced for further increases in price.
News of more expensive petrol comes as a further blow to drivers already faced with rising fuel duty and car insurance premiums.
Speaking to the Times, head of public affairs at car insurance provider the AA, Paul Watters, commented: "We have never started a new year with petrol prices this high."
High oil prices do not just mean bad news for drivers, however: British Gas and other energy firms might be forced to raise bills.
More widely, crude oil is a major component in industry as a whole - and higher prices might mean less industrial activity and a general economic slowdown.
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