The oil price Bust and boom

The price of oil has leapt to nearly $62 a barrel. Another spike may be on the way
RISING oil prices, believes Ali al-Naimi, Saudi Arabia’s oil minister, may soon “take the wheels off an already derailed world economy”. His Iranian counterpart agrees: “When the global economic crisis comes to an end, and the demand for oil picks up, the oil market could experience another price shock,” he says. The boss of Chevron, America’s second-biggest oil firm, also worries that “another period of tight supply” is at hand. Britain’s energy minister is fearful too. Indeed, at a recent summit of oil grandees convened by the Organisation of the Petroleum Exporting Countries (OPEC) it was hard to find anyone who did not expect a price rise to rival the giddy leap to $147 a barrel last year.
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