NewsWhore
02-29-2008, 04:00 PM
The price of a barrel of crude petroleum reached a record high yesterday after closing at US$102.59. This led to heightened fears on the international market and a warning from US Federal Reserve Chairman Ben Bernanke that some financial institutions face possible bankruptcy. The price surge is ever more worrisome considering that the price per barrel has skyrocketed by US$2.95 since Wednesday. The previous high was US$102.08, which was reached on Thursday. As a result the Dow Jones Industrial index dropped 128.74 points. Brent Crude also experienced a record high, reaching US$101 for the first time in history, closing at US$100 per barrel, having climbed US$2.63 since Wednesday. The increase in oil prices will be reflected in increases in prices across the board, including food, consumer goods, exports and other materials in the DR. This threatens the Dominican economy in terms of growth and the ability of businesses to compete. It also translates to increased difficulties for the energy and transport sector that depend on petroleum and will be forced to pass on the cost of price increases to consumers.
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More... (http://www.dr1.com/index.html#7)