Last week, amidst growing tensions in Egypt, the price of oil surpassed $100 per barrel, the highest rate in almost two years.
The continued unrest in the Middle East - first Tunisia, then Egypt, now Algeria - is serving to unnerve investors, and thus forcing the price of crude oil upwards.
In the USA, gas prices are averaging at approximately $3.
12 per gallon; this is a sharp increase on last year's average of $2.
65.
However, it is not only the effects of the Middle East conflicts which are negatively affecting the oil price.
Across the globe, commodity prices are increasing with little exceptions.
Food and raw materials are all rising in cost, and with wholesale gas prices up by 100% by December 2010 from March 2010 it is obvious that gas is no different.
However, in comparison with the UK, the USA is experiencing a relatively preferential time, with the price of natural gas having fallen over 40% over the last three years.
In February there have been times at which gas traded at 50% the cost that in the UK.
This has been the result of the discovery of shale gas in the US, which now accounts for some 20% of production.
Whilst the USA have their plentiful volumes of shale gas, the UK have North Sea gas.
The latter is a significant factor for the continued match of supply with demand.
Furthermore, quantities of LNG (liquefied natural gas) will prove essential for the UK, and have already supplied one fifth of total UK demand.
The decline of gas supplies has long been a focus of much debate and concern amongst industry figures and politicians.
Now however, the public are beginning to feel the pinch more than ever with rising energy and fuel prices becoming almost too hard to bear.
The widespread effects and implications of rising gas prices are ubiquitous, effecting an endless amount of industrial and domestic operations, from filling up the car to generator hire, from heating the house to local council energy budgets.
The continued unrest in the Middle East - first Tunisia, then Egypt, now Algeria - is serving to unnerve investors, and thus forcing the price of crude oil upwards.
In the USA, gas prices are averaging at approximately $3.
12 per gallon; this is a sharp increase on last year's average of $2.
65.
However, it is not only the effects of the Middle East conflicts which are negatively affecting the oil price.
Across the globe, commodity prices are increasing with little exceptions.
Food and raw materials are all rising in cost, and with wholesale gas prices up by 100% by December 2010 from March 2010 it is obvious that gas is no different.
However, in comparison with the UK, the USA is experiencing a relatively preferential time, with the price of natural gas having fallen over 40% over the last three years.
In February there have been times at which gas traded at 50% the cost that in the UK.
This has been the result of the discovery of shale gas in the US, which now accounts for some 20% of production.
Whilst the USA have their plentiful volumes of shale gas, the UK have North Sea gas.
The latter is a significant factor for the continued match of supply with demand.
Furthermore, quantities of LNG (liquefied natural gas) will prove essential for the UK, and have already supplied one fifth of total UK demand.
The decline of gas supplies has long been a focus of much debate and concern amongst industry figures and politicians.
Now however, the public are beginning to feel the pinch more than ever with rising energy and fuel prices becoming almost too hard to bear.
The widespread effects and implications of rising gas prices are ubiquitous, effecting an endless amount of industrial and domestic operations, from filling up the car to generator hire, from heating the house to local council energy budgets.
Source...