Dire prediction on oil prices

Published: 10:48AM Sunday January 06, 2008 Source: Newstalk ZB

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  • Cost of petrol and diesel goes up
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Commodities expert Peter McGuire says we can expect to see Oil rise by up to half in the next few years.

His warning comes at the end of a week in which oil has traded at $100US a barrel for the first time in history.

Petrol companies have been quick to respond with higher prices at the pump.

McGuire says while prices could dip in the short term, the overall trend is being driven by rising demand and says there is no doubt oil remains the world's most important commodity.

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