Oil price skyrockets

Over the past four weeks the cost of crude has sky-rocketed to its highest level since 2008, pushing up petrol and diesel prices, Richard Davis reports.

1 min read

Published 7 March 2011 7:59pm

Updated 23 August 2013 5:05pm

By Richard Davis

Source: SBS

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Over the past four weeks the cost of crude has sky-rocketed to its highest level since 2008, pushing up petrol and diesel prices, Richard Davis reports.

Political and civil turmoil in the Middle East have been a decisive factor.

The US government is even considering tapping into America's oil reserves to arrest prices: 727 million barrels stored in the Gulf Coast in case of an emergency.

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