OPEC president Chakib Khelil believes that the already staggering price for a barrel of oil could continue to rise. Citing the low value of the U.S. dollar, Khelil says that investors are likely to continue to place their bets on oil, a necessary commodity. With current prices hovering around $120 per barrel of dino-juice, the sixty percent increase mentioned by OPEC's leading man would place the going-rate darn near $200 a barrel.

Those of us living in the U.S. have seen our gas prices rise at an alarming rate, but Whatcar in the U.K. highlights more problems for those living across the pond. A strike at the Grangemoth oil refinery in Scotland could cause a ripple effect which would reach consumers just in time for the summer driving season. OPEC has chosen not to increase their output to help curb the supply and demand problem. Kinda makes us long for the electric car, huh?

[Source: What Car]

Drivers of the much-maligned Reva G Wiz, the all-electric quadricycle, have reason to smile this morning as they pass by filling stations with long queues and rationed supplies. The reason for the mayhem can be traced directly to an upcoming two-day walk out by 1,200 employees at Britain's third largest refinery at Grangemouth. Ineos, the refinery owner, has made changes to its worker's pension arrangement which would appear to be unacceptable to the Unite union and negotiations have failed to halt the shutting down of some of it's production in preparation for the labor action.

The results of the disagreement are more wide-ranging than just two days of reduced supply. It takes time for a facility of that nature to return to its previous capacity so the effects might be felt for up to three weeks. BP's Forties pipeline may also have to be shut down because of the walk-out which could cost the companies and the government each £25 million a day. Although motoring organizations had advised motorist not to "panic-buy", supplies at many Edinburgh gas stations were getting low and one had already gone dry, according to an article in the Guardian.

[Source: Guardian]