Oil price stories aren’t regular fare on this site but when the cost of light sweet crude reaches US$88 per barrel you’d better believe it’s got us worried. The record price was reached earlier today and comes close to reaching the inflation-adjusted highs of $90.46 seen in 1980 during the start of the Iran-Iraq war. Tensions in northern Iraq were again blamed for the latest rise, which brings this year’s average price to around $67 per barrel.
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