Speculators blamed as oil price surge creates ‘bubble’

While rising prices are causing havoc in oil-reliant sectors, industry figures say the current supply of crude is actually more plentiful than in 2004, writes Dick O’Brien.

14th June, 2008

While rising prices are causing havoc in oil-reliant sectors, industry figures say the current supply of crude is actually more plentiful than in 2004, writes Dick O’Brien.

Oil speculators, rather than a shortage of supply, are to blame for the surge in oil prices that has put fuel-reliant businesses under pressure, according to industry figures.

With oil close to $140 a barrel, Irish fishermen and hauliers have threatened continued protests and joined groups across...

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